A Deed of Trust involves three parties. The borrower, or the trustor, conveys a technical form of title to the trustee for the benefit of the lender, also known as the beneficiary. In simple terms, the obligation of the trustee is to reconvey title to the borrower when the loan is paid off, or to commence foreclosure on behalf of the lender in the event of default.
The trustee thus helps clear title to real property in the event of lien satisfaction, and helps lenders protect their security in the unfortunate circumstances of nonpayment. While the laws permit lenders to seek foreclosure in court, normally trustees act under a power of sale granted in the deed of trust to foreclose non-judicially. This keeps costs down, to the benefit of all parties.
When you invest in a Real Estate loan, your security is a Deed of Trust. This document contains a Power of Sale, which is the remedy allowing you to foreclose if the borrower does not perform as promised.
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