Posted by jenny-fl on 3/2/05 10:00pm
Msg #23365

security instument????

Can anyone tell me when they say "security insturment" do they mean the Legals? The mortgage, RTC, TIL, etc?

I'm just wondering when all the packages are different. One calls the mortage the mortgage the other calls it the deed in trust. Does anyone refer to them the same?

Reply by CarolynCO on 3/2/05 10:47pm
Msg #23372

In some states it's called a Mortgage and in some states it's called a Deed of Trust.

Reply by PAW_Fl on 3/3/05 6:35am
Msg #23397

And there is a fundamental difference between the two (at least here in FL).

A Mortgage is a lien on the property, but the property owners remain in full and sole possession of the property as stated on title.

A Deed of Trust is also a lien on the property, but the property is conveyed to a Trustee to hold until the mortgage is satisfied. The property owners do not retain full and sole possession of the property.

Reply by John_NorCal on 3/3/05 8:40am
Msg #23413

Difference with a mortgage is that in the event of a foreclosure, the lender needs to go to court to get a judicial forclosure. I don't believe there is a redemption period, you're out, you're out.Time consuming.

With a deed of trust, property owners are in full and sole possesion of property, the actual deed is held by a third party, the trustee. In the event of foreclosure, there is a trustees sale usually on the courthouse steps, the trustees agent will bid the amount of the loan plus fees, etc. Any other bids have to be over that amount to get the property. The people in default will get a period of time to make redeem themselves by paying the loan and all costs. Much cleaner and faster way to foreclose.

Hope this helps!

Reply by jenny-fl on 3/3/05 9:21am
Msg #23416

well, I understand that. Thank you all. But they had asked to fax back all the security docs...I faxed back the Mortgage, RTC and TIL....are those the ones they needed or should it been:

HUD, mortgage, TIL
or
HUD, Note, Mortgage
or
Note, Mortgage, RTC

I'm sorry if I didn't get that explained correctly. I just want to make sure if I'm asked that again.

Thanks for any more help on this.

Reply by John_NorCal on 3/3/05 10:52am
Msg #23424

Hi,
I would think that you would be safe by sending **Note, Mortgage, RTC**. The note and the mortgage are the actual security instruments.
Hope this helps!