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Trustee: This is the third party who will hold the legal title to the real property. Beneficiary: This is the lender.
(b)(1) Except as otherwise provided in paragraph (2) of this subsection, if (i) a deed of trust is not released as a lien on the real property described therein within a period of 12 years after the maturity date of the obligation secured by the deed of trust, or (ii) no determinable maturity date is recited in the ...
The security deed is an interest in real estate which gives legal title of property to the lender of the mortgage for the term of the mortgage note. Trust deed is a written instrument legally conveying property to a trustee often used to secure an obligation such as a mortgage or promissory note.
This document may be called the Security Instrument, Deed of Trust, or Mortgage. When you sign this document, you are giving the lender the right to take your property by foreclosure if you fail to pay your mortgage ing to the terms you've agreed to.
The security is held by a neutral third party known as the trustee. With a deed of trust, the mortgagor (borrower) is called the trustor and the mortgagee (lender) is called the beneficiary. The correct answer is: The trustee.
Generally, the trustee must be an attorney, title insurance company, trust company, bank, savings and loan, credit union, or other company specifically authorized by law to serve as a trustee. Other states have no limitations.
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.
For a Deed of Trust, the parties involved are the lender, the borrower, and a neutral third party who will serve as a trustee. The title of the property is held as security for the loan and held by the trustee for the benefit of the lender. The title is released from the trust once the loan is paid.