Posted by Joe Kaiser on September 13, 2006 at 05:26:22:
And just for fun, you can also foreclose a deed of trust as if it were a
mortgage.
Deeds of Trust and Mortgages-how do they differ - Posted by ETinoco
Posted by ETinoco on September 12, 2006 at 17:49:13:
What is the main difference b/w a deed of trust and a mortgage? why would you use one or the other? thanks guys I appreciate it.
Re: Deeds of Trust vs Mortgage states - Posted by Bud Branstetter
Posted by Bud Branstetter on September 16, 2006 at 01:11:50:
Mortgage: Alabama, Arkansas, Connecticut , Delaware, Florida ,
Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky,
Louisiana, Maine, Massachusetts, Michigan, Minnesota,
Nebraska, New Hampshire, New Jersey, New York,
North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania
Rhode Island, South Carolina, South Dakota, Vermont, Washington, Wisconsin, Wyoming.
Deed of Trust:
Alaska, Arizona, California, Colorado, District of
Columbia, Idaho , Maryland , Mississippi, Missouri,
Montana, Nevada, New Mexico, North Carolina,
Tennessee, Texas, Virginia , West Virginia. Utah
Security Deed:
Georgia.
Deeds of Trust and Mortgages-how do they differ - Posted by Bill H
Posted by Bill H on September 12, 2006 at 20:40:26:
In simple terms:
Deed of trust has three parties
1…trustor (owner of property)
2…Trustee…(holder of naked title in trust)and
3…beneficiary…(lender who has financial interest only)
Mortgage has two parties
1…mortgagor (owner of property) and
2…Mortgagee…(lender)
As someone else has posted…some states are mortgage states and some are deed of trust.
The big advantage to deed of trust is that it almost always has a “Power of Sale” clause that says if you default…the beneficiary can tell the trustee to sell the property to recoup his money.
Mortgages…may require court action to accomplish the same
Good Luck,
Bill H
Re: Deeds of Trust and Mortgages- - Posted by Max-Va
Posted by Max-Va on September 12, 2006 at 19:17:04:
Depending on state law, some states use deeds of trust some use mortgages. You do not get to chose it is by state law
Re: Deeds of Trust vs Mortgage states - Posted by Joe Kaiser
Posted by Joe Kaiser on September 16, 2006 at 20:56:17:
You should probably move Washington to the deed of trust states where
DOTs outnumber mortgages by probably 500 to 1.
Re: Deeds of Trust vs Mortgage states - Posted by ChrisX
Posted by ChrisX on September 16, 2006 at 02:18:12:
Hi Bud,
We’ve used trust deeds on properties in Washington State, but it’s on the mortgage list.
I don’t know if I’m permitted to post a link here, but it’s Citifinancial’s list of trust deed vs mortgage states (no affiliation). Washington is one where both are used.
http://www.citifinancial.com/glossary/defin/DeedofTrust.htm
ChrisX
Re: Deeds of Trust and Mortgages- - Posted by Jack
Posted by Jack on September 13, 2006 at 24:02:00:
BillH gave a very good explaination of the differences. And you do get to choose if you live in DOT State you can ‘mortgage a property’. Not a smart thing to do from the standpoing of the lender, but it can be done. Can’t say as I have ever lived in a Mortgage State, so I don’t know the rules there.