Term: Deed Of Trust

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A document, used in many states in place of a mortgage, held by a trustee pending repayment of the loan. The advantage of a deed of trust is that the trustee does not have to go to court to proceed with foreclosure should the borrower default on the loan.

Glossary: Assumption
Glossary: Due-On-Sale
Glossary: Mortgage
Glossary: Trust Deed

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