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However, under certain circumstances, deficiency judgments aren't allowed after judicial foreclosures in some states. From a lender's perspective, a deed of trust is usually better because it can foreclose more quickly for less money using a nonjudicial process if the borrower stops making payments.

(A) Any mortgage or other instrument conveying an interest in or creating a lien on any real estate, securing existing indebtedness or future advances to be made, regardless of whether the advances are to be made at the option of the lender, are valid from the day and hour when recorded so as to affect the rights of ...

A South Carolina deed of trust designates a trustee as a property's legal owner until the original owner's (the ?borrower?) debt to a lender is paid. Property conveyed in a deed of trust is returned to the borrower once the loan made via a promissory note is settled.

Mortgage States and Deed of Trust States StateMortgage StateDeed of Trust StateOregonYPennsylvaniaYRhode IslandYSouth CarolinaY47 more rows

A deed of trust is a legal agreement that's similar to a mortgage, which is used in real estate transactions. Whereas a mortgage only involves the lender and a borrower, a deed of trust adds a neutral third party that holds rights to the real estate until the loan is paid or the borrower defaults.

SECTION 29-3-330. Methods of satisfaction or release of security interest; affidavit. (A) In this section these words shall have the following meaning: (1) "Mortgage" means a lien against real property that is granted to secure the payment of money; a deed of trust must be given the same meaning as a "mortgage".