This is a Texas deed of trust to sure an assumption.
Bexar Texas Deed of Trust to Secure Assumption is a legal document that serves as a safeguard for lenders in Bexar County, Texas when financing real estate transactions. This deed provides a security interest or lien on the property being financed, allowing the lender to foreclose on the property in the event of default. The Bexar Texas Deed of Trust to Secure Assumption gives the lender the right to recover the outstanding loan amount by selling the property if the borrower fails to make the agreed-upon mortgage payments. It is important to note that this deed allows for assumption, meaning the borrower can transfer the property to another party who will take over the mortgage payments. There are different types of Bexar Texas Deed of Trust to Secure Assumption, including: 1. Standard Deed of Trust to Secure Assumption: This is the most common type of deed used in Bexar County, Texas. It outlines the terms and conditions of the loan, including the interest rate, repayment period, and any applicable penalties or fees. 2. Wraparound Deed of Trust to Secure Assumption: This type of deed is used when the borrower wants to add a secondary loan on top of an existing mortgage. The wraparound deed combines the existing loan with the new loan, creating one payment for the borrower. The lender holding the wraparound deed assumes the responsibility of making the payments on the existing loan. 3. Non-Assumable Deed of Trust to Secure Assumption: In some cases, the lender may include a non-assumable clause in the deed, preventing the borrower from transferring the property and the loan obligation to another party without the lender's consent. The Bexar Texas Deed of Trust to Secure Assumption is an essential document in real estate transactions, providing protection for both lenders and borrowers. It ensures that lenders have a legal claim on the property and can recoup their investment if the borrower defaults on the loan. Borrowers, on the other hand, can transfer the property to another party, allowing for a smooth transition of ownership while maintaining the mortgage payments.
