Iowa Mortgage Deed
Description
How to fill out Mortgage Deed?
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FAQ
Foreclosure process: Mortgages typically go through a judicial foreclosure process, through your county court system. Deeds of trust use a non-judicial foreclosure process. Length of time to foreclose: Mortgage foreclosures usually take significantly longer than non-judicial foreclosures with a deed of trust.
If your circumstances change any you are no longer able to make your payments, your Trust Deed may fail and you will still be liable for your debts or even forced into bankruptcy.
A mortgage involves only two parties: the borrower and the lender. A deed of trust has a borrower, lender and a ?trustee.? The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower.
A deed and title similarly refer to the ownership of a property, but there are key differences to be aware of as you venture into the home-buying (or selling) process. Remember that while a title refers to your ownership of a property, a deed is the physical document used to prove and transfer that ownership.
To put simply, the deed is the legal document that proves who holds title to a property, while a mortgage is an agreement between a financial lender and borrower to repay the amount borrowed to purchase a home.
Work With Your County Recorder Each piece of property in Iowa is represented by a document that's been processed by an Iowa County Recorder. Iowa Land Records enables customers to work directly with Iowa County Recorders by providing an electronic platform for property records.
What is the advantage of a deed of trust over a mortgage? A deed of trust has a crucial advantage over a mortgage from the lender's point of view. If the borrower defaults on the loan, then the trustee has the power to foreclose on the property on behalf of the beneficiary.
To put simply, the deed is the legal document that proves who holds title to a property, while a mortgage is an agreement between a financial lender and borrower to repay the amount borrowed to purchase a home.