Straight Mortgage Or Deed Of Trust
Definition of "Straight mortgage or deed of trust"
Device that places the ownership of real property with one or more trustees for security until the loan is paid by the debtor. It is used in place of a conventional mortgage contract in some states. The deed of trust stipulates that in the event of default by the debtor the trustee would liquidate the property for the benefit of the lender in a trustee's sale.
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