Some states (e.g., California) use a document called a “deed of trust” (AKA “trust deed”) rather than a mortgage. The deed of trust is a document in which the trustor (borrower) gives a deed to the neutral third party (trustee) to hold for the beneficiary (lender). A deed of trust is worded almost exactly the same as a mortgage, except for the names of the parties. Thus, the deed of trust and mortgage are essentially the same, other than the foreclosure process.
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