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Mortgage V Deed Of Trust Article
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from: All Inclusive Trust DeedTrust Deeds, also called Deeds of Trust are much like mortgages they are similar in many ways and different in two. Deeds of Trust include three parties instead of the two like are used for mortgages, and they use a non-judicial foreclosure method. The three parties involved in a Deed of Trust are the Trustor, Lender, and Trustee. The Trustee is the added party that mortgages do not have. The Trustee is usually a third party responsible for the title of the home until the loan, the Trustor took out, is paid or until the home goes into foreclosure. Other than this, Deeds of Trust and Mortgages work in pretty much the same way.
Another similarity involves wrap around mortgages or all inclusive deeds of trust. An All Inclusive Deed of Trust which can also be called an All Inclusive Trust Deed or an AITD is a way for a new home buyer to assume the old loan that is already on the home. Not all loans are assumable, in fact only Federal Housing Administration (FHA) loans and Veteran Administration (VA) loans can be assumed by a new party.
If a home owner is looking to sell their home and already have a Deed of Trust owing a certain amount of money, the buyer can then assume the debt and pay it off as his own. Currently there are full disclosure laws where all parties that hold interest in the property including the Lender, will have to be informed of the loan being assumed by a new buyer. When this happens, the Lender can raise interest rates, demand the remainder of the loan on the sale date, or accept the All Inclusive Deed of Trust with no modification to the original agreement. For this reason it is extremely important that the seller and buyer are aware of all clauses and terms of agreement before assuming a loan.
Now, it is possible to use an All Inclusive Trust of Deed on a non assumable deed of trust and without notifying the lender. This is not advisable since such an action can lead to severe legal penalties. The agreement is between the seller (home owner) and the buyer. This agreement will work in much the same way as if you have notified the lender except that the buyer will give the money owned on the loan directly to the seller who will then pay the lender. This is done to avoid any hikes in interest rate and other fees or penalties. Now, if the Lender should happen to find out about the agreement then he can go after the full amount owned on the loan plus pursue the matter in criminal court.
All Inclusive Deeds of Trust can be a blessing for some and just a hassle for others. It is important to do research about the agreements including knowing what terms and agreements are included on the original loan.
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Read more...Franklin County deed transfers
The following deed transfers are public record in the Franklin County Register and Recorder's office. All deed transfers, except conveyances between family members, are published as a public service and as space is available.
Read more...Northampton County deed transfers - week of April 2-5, 2012
ALLEN TWP. Faust, Pauline M. to Niebell, Chad M. and Santucci, Corrine Joan, $120,000, 4241 Howertown Rd. Sagat, Michael and Joanne to WM and D. Partnership LLC, $127,500, 602-04 S. Main St.
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ALLEN TWP. Romano, Carmelo, Anmarie and Annmarie to Matika, Christopher M. and Janine, $362,000, 703 Valley Rd. Deutsche Bank National Trust Company and Onewest Bank FSB to Lobb, George and Sheri, $47,125, 302 Miller St.
Read more...Deeds recorded April 30-May 4, 2012
The Daytona Beach News-Journal publishes deed recordings supplied by the Volusia and Flagler County Clerks of Court. The listing is limited to properties that sell for $75,000 or more. BUNNELL Charles F. Crain Jr. to God's Family Bible Church, part...
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