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Monday, June 12, 2006


A document that pledges your property as security for a loan’s repayment

If you can not 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.

See: Foreclosure
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