Posted on: 30th Mar, 2010 01:40 pm
we are going to ower finance a home and would like to have a quit claim deed be part of the deed of trust. our thinking is that in the event of non payment we could avoid the foreclosure process. is this possible?
Hi jazells,
If you do not pay your mortgage dues on time, the lender will be able to foreclose your property. As far as I know, the deed of trust is a deed given by the borrower to a trustee for securing a debt. This deed of trust also creates a lien on the title of the property. In case of a deed of trust, the foreclosure process can be much faster than compared to a normal mortgage.
If you do not pay your mortgage dues on time, the lender will be able to foreclose your property. As far as I know, the deed of trust is a deed given by the borrower to a trustee for securing a debt. This deed of trust also creates a lien on the title of the property. In case of a deed of trust, the foreclosure process can be much faster than compared to a normal mortgage.