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Mortgage
A document that pledges your property as security for a loan's repayment If you can't repay the loan on your home, a mortgage gives the lender the right to foreclose on the property and sell it to get back their money. A deed of trust serves the same purpose as a mortgage, however some states traditionally use one or the other - in some cases both, depending on the custom in each county. With a mortgage, the lender must go to court to foreclose on a property.
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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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