Mortgage States and Deed of Trust States

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Mortgage States and Deed of Trust States

When someone finances a home, the lender secures the loan to the home by having the borrower sign either a mortgage or a deed of trust. The lender then records the document in the public records were the home is located. The instrument being secured by these documents is most commonly called a promissory note. A main purpose for the security instrument is that if the terms are the promissory note are not met by the borrower, the lender can take ownership of the home and sell to it in order recuperate the amount that was lent.

StateMortgage StateDeed of Trust State
AlabamaYY
AlaskaY
ArizonaYY
ArkansasYY
CaliforniaY
ColoradoY
ConnecticutY
DelawareY
D.C.Y
FloridaY
GeorgiaY
HawaiiY
IdahoY
IllinoisYY
IndianaY
IowaY
KansasY
KentuckyYY
LouisianaY
MaineY
MarylandYY
MassachusettsY
MichiganYY
MinnesotaY
MississippiY
MissouriY
MontanaYY
NebraskaY
NevadaY
New HampshireY
New JerseyY
New MexicoY
New YorkY
North CarolinaY
North DakotaY
OhioY
OklahomaY
OregonY
PennsylvaniaY
Rhode IslandY
South CarolinaY
South DakotaYY
TennesseeY
TexasY
UtahY
VermontY
VirginiaY
WashingtonY
West VirginiaY
WisconsinY
WyomingY

Some states allow both mortgages and deeds of trust.

A main difference is that a mortgage foreclosure proceeding needs to go through the courts. A deed of trust foreclosure does not.

Many states allow either. So, because of the ease of foreclosure, many lenders prefer a deed of trust over a mortgage. If you are going to use one or more of these instruments, it is important to know which should be used in the state where you are intend to use it. A chart follows this information that shows which state uses which document and which states use both.

Do you need a mortgage or deed of trust? This is a service that we provide. So, you can reach us at the telephone number located on this page or fill out a contact form.

Many homeowners want privacy of ownership and to keep their names out of the public records. So, we establish Land Trusts, which can keep ownership private. Then a deed is drafted to transfer ownership of the property into the trust. The Garn St. Germain Depository Institutions Act of 1982 does not allow a lender to prevent a homeowner from placing a home in a Land Trust. This is the case for single family homes, duplexes, triplexes or fourplexes where the owner of the home becomes the beneficiary of the trust.

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