Hi everyone and hope you are enjoying your weekend. Here is the definition of a Trust Deed
Call Consumer's with any questions.
Trust Deed
A Deed of Trust is a security instrument used by the borrower
(also called the trustor) to convey "bare legal" title to the
property, to a neutral party (called Trustee), for the purposes of
securing an obligation (usually of a promissory note) payable to
the lender (called the beneficiary). The trustee is authorized
under "power of sale" to "nonjudicially" foreclose in the event of
a default on the obligation by the trustor, or his/her successors in
interest. The proceeds of the trustee's sale (non-judicial
foreclosure) of the secured real property will apply as payment
toward the defaulted obligation.
When the debt or obligation secured by the deed of trust has been
satisfied, the beneficiary must execute a request for full
reconveyance and any other documentation necessary to cause
the deed of trust to be reconveyed. The trustee will then execute
and record a "Full Reconveyance" in the county wherein the deed
of trust was recorded.
Comments(0)