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Posted by  BrendaTx on 5/2/06 12:28pm
Short answer from attorney regarding the difference between a mortgage/deed of trust and a note by Kevin / CT
Re: Deed of Trust/Mortgage
Posted by Kevin/Ct of CT on 5/2/06 12:01pm
Msg #117169 from logged in user
The note and the mortgage/deed of trust are two different documents. The note is the promise of the borrower to repay the debt plus interest. The mortgage /deed of trust is the document which secures the note for purposes of foreclosure. I states such as Connecticut each document may be enforced separately. The note may be enforced through a suit for legal money damages. The mortgage may be enforced by an action for foreclosure ...either strict foreclosure in which title to the property is conveyed to the foreclosing lender or foreclosure by sale in which case the property is sold and the proceeds are paid to satisfy the mortgage with any surplus being paid to the the property owner.
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