Mortgage Deed Form Without Possession
Description
How to fill out Florida Mortgage Deed From Individual?
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FAQ
A deed of trust is a legal agreement that's similar to a mortgage, which is used in real estate transactions. 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.
A deed of trust is often used when state law requires it or when a traditional lending service (like a bank) is not involved in the transaction. Whether you have a deed of trust or a mortgage, they both ensure that the borrower repays the loan, either to a lender or an individual person.
General warranty deeds give the grantee the most protection, special warranty deeds give the grantee more limited protection, and a quitclaim deed gives the grantee the least protection under the law.
The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest. A deed of trust is used to secure a loan, while a deed is used to transfer ownership of a property.
If your circumstances change any you are no longer able to make your payments, your Trust Deed may fail and you will still be liable for your debts or even forced into bankruptcy.