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Real Estate f£>
Eileen M. Day realtor sws.tiss
TRUST DEED
VS MORTGAGE
Depending on which state you borrowed money to buy a house, you probably used either a trust deed or a mortage as the financial instrument for the loan. What is the difference between the two?
A MORTGAGE involves two parties, the borrower and the lender. When the lender loans the money for the property, the borrower is required to sign a promissory note for the amount borrowed. The note creates a lien on the property as security for the debt. The borrower usually retains title to the property.
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