What states use deed of trust instead of mortgage?
The deed of trust is currently used in Alabama, Alaska, Arkansas, Arizona, California, Colorado, District of Columbia, Georgia, Hawaii, Idaho, Iowa, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, North Carolina, Oklahoma, Oregon, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, ...
When using a deed of trust there are?
In contrast, a deed of trust involves three parties: a borrower (or trustor), a lender (or beneficiary), and the trustee.
What states use deed of trust instead of mortgage?
The deed of trust is currently used in Alabama, Alaska, Arkansas, Arizona, California, Colorado, District of Columbia, Georgia, Hawaii, Idaho, Iowa, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, North Carolina, Oklahoma, Oregon, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, ...
Why use a deed of trust instead of a mortgage?
Whereas a mortgage only involves the lender and a borrower, a deed of trust adds a neutral third party that holds rights to the real estate until the loan is paid or the borrower defaults.
Why use a deed of trust instead of a mortgage?
From a lender's perspective, a deed of trust is usually better because it can foreclose more quickly using a nonjudicial process if the borrower stops making payments. But you don't get to choose whether you get to sign a mortgage or deed of trust.
