What is a deed of trust in a foreclosure?

A Deed of Trust is a legal document used in a foreclosure process in the state of Washington. It is used to secure a loan and gives the lender a right to the property as collateral. The loan is then secured by the deed of trust, which is recorded in the county public records office. The deed of trust states that the borrower will use the loan funds to purchase or refinance a property and that the lender holds the right to foreclose on the home if the borrower fails to make the payments. The deed of trust also outlines the foreclosure process and the borrower’s rights in the event of a foreclosure. The borrower signs the deed of trust and gives it to the lender. The lender then records it in the county public records office. The deed of trust usually names a third party, such as a trustee or an attorney, as the entity in charge of handling the foreclosure. The trustee or attorney is responsible for starting the foreclosure process if the borrower fails to make the payments. If the foreclosure goes to court, the deed of trust serves as evidence of the loan and the lender’s right to claim the property. During the foreclosure process, the borrower can still make payments to avoid foreclosure. If the borrower is unable to pay the loan, the trustee or attorney will take possession of the property and give it to the lender as payment.

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What is a deed of trust in a foreclosure?

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