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Foreclosure process: Mortgages typically go through a judicial foreclosure process, through your county court system. Deeds of trust use a non-judicial foreclosure process. Length of time to foreclose: Mortgage foreclosures usually take significantly longer than non-judicial foreclosures with a deed of trust.
A mortgage is a loan extended to someone in order to purchase a property. A mortgage deed is a legally binding document outlining the terms of a mortgage that puts a lien on the house until the lender repays the loan in full.
The State of Tennessee is a deed of trust state. Other states might require you to sign a mortgage, but you can expect when you buy a house in Tennessee to sign a deed of trust. The document in question is an agreement between the borrower and lender that allows the lender to foreclose on the property.
Yes, you can put your spouse on the title without putting them on the mortgage. This would mean that they share ownership of the home but aren't legally responsible for making mortgage payments.
Also find out if you are on the deed and the mortgage (often called a ?Deed of Trust? in Tennessee). There are other things you may have to do, and you may have certain rights.
To put simply, the deed is the legal document that proves who holds title to a property, while a mortgage is an agreement between a financial lender and borrower to repay the amount borrowed to purchase a home.
To search for a deed, you will need to provide us with the name of the individual to be searched, the county and a 5-year date span. When a deed search is requested, we follow these procedures: We locate the cumulative index (if available), usually in a book separate from the deed books.
In other words, if your name is on the deed, you are tenants-by-the-entireties, and if one of you dies, the other owns the property entirely. If you are not on the mortgage for whatever reason, you are not liable for paying the mortgage loan. That said, you get your spouse's interest in the property if they die.