POINTS TO REMEMBER:
; ; A growing number of states are adopting the deed of trust model to secure the borrower’s debt. In most of these states, the title to the property is held by a third- party trustee until you pay off your debt. In other states, the lender holds the title until your debt is paid. ; ; Lenders in title theory states are likely to pursue non- judicial foreclosures because they are quicker and avoid the court process. ; ; All lenders have the option of initiating judicial proceedings — especially if the foreclosure sale of your house does not satisfy your entire debt to the lender. ; ; The type of foreclosure the lender pursues could have ramifications for your finances andwhether you have the option to redeem your house after the foreclosure sale.
32
Powered by FlippingBook