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A mortgage involves two parties, while a deed of trust has three, and. mortgages are usually foreclosed judicially, while deeds of trust typically go through a nonjudicial foreclosure process (but not always).
States Using Deed of Trust In Alabama, Arizona, Arkansas, Illinois, Kentucky, Maryland, Michigan, Montana and South Dakota, the lender has the choice of either a mortgage or deed of trust. In any other state, you must have a mortgage.
You apply for a mortgage through the bank, or a mortgage broker, and the bank loans you the money to buy the house. In Arizona, they are technically called Deeds of Trust.
An Arkansas deed of trust conveys real property to a third party trustee to hold the title until a borrowing party repays in full a loan provided by a lender.
In addition the following information should be included: The Payee Name. The Owner(s) of the mortgage holder. Total amount of mortgage. Mortgage date of execution. Full and legal description of the property to include tax parcel number. Acknowledgement that all payments have been made in full.
Both Deeds of Trust and Mortgages are used. A trustee can be: A licensed Arkansas Attorney. A Bank or S & L authorized to do business in Arkansas. A duly licensed Trust Company.
A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property.
Mortgage Deed of Trust Although a Deed of Trust is similar to a Mortgage, which is used in other states, it is not a Mortgage. Good to know: Texas does not use mortgages. Instead, Texas uses Deeds of Trust. The document is referred to as a Deed of Trust because there is a Trustee named for the property.