This is the mortgage document. It is recorded among the land records, and your lender will keep the original. When you pay off the loan, the lender will return it with the promissory note. This document is rather lengthy -- and quite legalistic. Make sure that the person conducting the settlement fully explains all of the ramifications and conditions contained in this document.
The deed of trust helps to verify and protect your legal interest in a property. Contact a Real Estate Lawyer for a further explanation on what is a deed of trust.
Basically, so long as you make your monthly payments on a timely basis, you should have nothing to worry about. But once you are in default (a term which is defined in both the note and the trust) then many of the provisions of that deed of trust become operative -- such as the right of the lender to ultimately foreclose on your property.
Deed types:
- Quitclaim Deed
- Quick Claim Deed
- Warranty Deed
It should also be noted that you cannot deduct any mortgage interest for tax purposes unless your property is secured by a deed of trust. That means that the deed of trust must be recorded in land records.
The deed of trust helps to verify and protect your legal interest in a property. Contact a Real Estate Lawyer for a further explanation on what is a deed of trust.
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