Is a Deed of Trust considered the same thing as a Mortgage which confirms the property as collateral? 16 Answers as of August 05, 2013

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Law Office of Thomas C. Phipps | Thomas C Phipps
It is the same. The deed of trust is recorded at the recorder of deed office.
Answer Applies to: Missouri
Replied: 8/5/2013
The Krone Law Firm, LLC | Norman B. Krone
In most jurisdictions, the answer is "yes".
Answer Applies to: Florida
Replied: 8/1/2013
Stephens Gourley & Bywater | David A. Stephens
It is not the same thing, but it has the same function.
Answer Applies to: Nevada
Replied: 8/1/2013
R. Steven Chambers PLLC | R. Steven Chambers PLLC
Yes. There is a slight technical difference between the two but both do the same thing, which is make real property collateral for a loan. Most people use the term "mortgage" when they really mean "trust deed," but the two are interchangeable for most purposes.
Answer Applies to: Utah
Replied: 8/1/2013
Frederick & Frederick PLC | James P Frederick
A deed of trust is given in some states in connection with a mortgage. We generally do not use deeds of trust in Michigan.
Answer Applies to: Michigan
Replied: 8/1/2013
    Goldsmith & Guymon
    Goldsmith & Guymon | Dara Goldsmith
    They are basically the same thing. States like Nevada and California use Deeds of Trust not mortgages.
    Answer Applies to: Nevada
    Replied: 8/1/2013
    Danville Law Group | Scott Jordan
    From a strictly legal perspective, a Deed of Trust is different than a Mortgage. However, the two terms are often interchangeable. Each state is different is what can be recorded. In California, a Deed of Trust is recorded with the county recorder and usually gives the lender the ability to foreclose on the property if the payments on the loan are not made timely.
    Answer Applies to: California
    Replied: 8/1/2013
    James T. Weiner & Associates, P.C.
    James T. Weiner & Associates, P.C. | James T. Weiner
    A deed of trust or trust deed is similar to a mortgage. Title is transferred to a trustee, which is usually a trust or title company that holds the real property as security for the borrower’s loan. At the time the loan is paid in full, title is transferred to the borrower. The only powers that the trustee has is the power of sale if the borrower defaults. The trustee can then sell the property to pay off the lender at a foreclosure sale auction.
    Answer Applies to: Michigan
    Replied: 8/1/2013
    THE BROOME LAW FIRM, LLC
    THE BROOME LAW FIRM, LLC | Barry D. Broome
    A deed to secure debt will secure a mortgage.
    Answer Applies to: Georgia
    Replied: 8/1/2013
    Minor, Bandonis and Haggerty, P.C.
    Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
    There are technical legal differences, but yes, in Oregon a Trust Deed is generally used as the security instrument for real property loans.
    Answer Applies to: Oregon
    Replied: 8/1/2013
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    A deed of trust is not the same as a mortgage. A deed of trust transfers an equitable title securing a promissory note for the agreed upon loan against the real property. Whereas a mortgage is a long winded document, consisting of a security agreement and note for the transfer of legal and equitable title to the lender in exchange for payment of the note part of the agreement; a deed of trust only transfers an equitable title, not the legal title to the lender.
    Answer Applies to: California
    Replied: 8/1/2013
    Neal M. Rimer, Esquire
    Neal M. Rimer, Esquire | Neal M. Rimer
    Yes, a Deed of Trust is the security for a promissory note. The Deed of Trust is recorded to evidence the terms and conditions of the security and the right of the trustee to sell the property in the event of a default on the terms and conditions of the promissory note or of the terms and conditions of the Deed of Trust.
    Answer Applies to: California
    Replied: 8/1/2013
    James Oberholtzer, Attorney at Law
    James Oberholtzer, Attorney at Law | James Oberholtzer
    It serves the same purpose but works somewhat differently.
    Answer Applies to: Oregon
    Replied: 8/1/2013
    Portland Bankruptcy Law Group
    Portland Bankruptcy Law Group | Christopher J. Kane
    Yes, those terms are interchangeable.
    Answer Applies to: Oregon
    Replied: 8/1/2013
    Gates' Law, PLLC | Thomas E. Gates
    No, they are two different document. A mortgage is between the bank and homeowner. The Deed of Trust identifies the parties that hold title. It just so happens that the bank will be listed as the title holder, since it is using the property as collateral.
    Answer Applies to: Washington
    Replied: 8/1/2013
    James Law Group
    James Law Group | Christine James
    Basically yes.
    Answer Applies to: California
    Replied: 8/1/2013
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