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Deed of trust
A document that gives a lender the right to sell your property if you can't repay your loan A deed of trust is similar to a mortgage contract except that a deed of trust involves a third party called a trustee, usually a title insurance company, who acts on behalf of the lender. When you sign a deed of trust, you are in effect giving the trustee title (ownership) of the property, but holding on to the right to use and live in it. The lender or trustee holds the original deed of trust until you repay the loan on your home. Unlike a mortgage, a deed of trust also gives the lender the right to foreclose on your property without taking you to court first.
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Deed of trust states |
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Alaska |
Mississippi |
North Carolina |
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Arizona |
Missouri |
Virginia |
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California |
Nevada |
Washington DC |
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Mortgage states |
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Alabama |
Louisiana |
North Dakota |
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Arkansas |
Maine |
Ohio |
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Connecticut |
Massachusetts |
Oregon |
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Delaware |
Michigan |
Pennsylvania |
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Florida |
Minnesota |
Rhode Island |
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Hawaii |
New Hampshire |
South Carolina |
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Indiana |
New Jersey |
Vermont |
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Kansas |
New Mexico |
Wisconsin |
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Kentucky |
New York |
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States that use both deeds of trust and mortgages** |
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Colorado |
Montana |
Texas |
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Idaho |
Nebraska |
Utah |
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Illinois |
Oklahoma |
Wyoming |
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Iowa |
Oregon |
Washington |
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Maryland |
Tennessee |
West Virginia |
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