Type of Mortgage used in many states whereby property is deeded to a lender to secure a debt. See Title Theory State contrast Trust Deed.
Example: In order to obtain a mortgage loan in certain states, Donna had to provide a deed to secure debt. This would facilitate the lender's Foreclosure process in the event that Donna Defaulted.
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 | Real Estate Dictionary. Dictionary of Real Estate Terms. Copyright © 2004 by Barron's Educational Series, Inc. All rights reserved. Read more |
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