Posted by E_FL on 7/31/06 5:06pm
Msg #136334

deed of trust

do all mortgages have deed of trust? is there another name for it?

Reply by Sylvia_FL on 7/31/06 5:11pm
Msg #136338

A mortgage is a mortgage, a deed of trust is a deed of trust.
Florida has a mortgage not a deed of trust.

Reply by E_FL on 7/31/06 5:13pm
Msg #136339

sorry, about dumb question. Deed of Trust = Mortgage

Reply by Sylvia_FL on 7/31/06 5:15pm
Msg #136341

Deed of Trust is different than a mortgage. Some states have a Deed of Trust instead of a mortgage. You are in FL, and FL is a mortgage state.
Where in Florida are you? How long have you been doing signings?

Reply by TitleGalCA on 7/31/06 6:02pm
Msg #136347

Deed of Trust: A written document by which the title to land is conveyed as security for the repayment of a loan or other obligation. It is a form of mortgage. The landowner or debtor is called the trustor. The party to whom the legal title is conveyed (and who may be called on to conduct a sale thereof if the loan is not paid) is the trustee. The lender is the beneficiary. When the loan is paid off, the trustee is asked by the beneficiary to issue a reconveyance. This reconveyance corresponds to the release that the holder of a mortgage executes when the mortgage is paid off.

Mortgage: (1) To pledge real property as security for the payment of a debt. The borrower retains possession and use of the property.
(2) The instrument by which real estate is pledged as security for the repayment of a loan. Upon the payment of the debt, the mortgage becomes void.

In other words...a Deed of Trust is the piece of paper that secures a "mortgage" (or debt) in California.

A Mortgage is both (1) the act of putting up property to secure a loan AND (2) the piece of paper, in Florida.

does that help?

Reply by E_FL on 7/31/06 7:08pm
Msg #136373

that helps tremendously. thank you.

Reply by Lee/AR on 7/31/06 7:14pm
Msg #136376

Beautiful TG, just beautiful! n/m

Reply by BrendaTx on 7/31/06 7:35pm
Msg #136382

Re: deed of trust - this sounds like a test question.

Yes. There is another name for it.