Debtor is obligated to pay the secured party attorneys fees. In consideration of the indebtedness, debtor conveys and warrants to trustee certain property described in the land deed of trust.
Maryland Land Deed of Trust, also known as a mortgage or security instrument, is a legal document used to secure a loan against real property located in Maryland. It acts as a lien on the property until the debt is fully paid off. The deed of trust allows the lender to foreclose on the property in the event of default by the borrower. There are several types of Maryland Land Deed of Trust, each catering to specific situations and requirements: 1. Purchase Money Deed of Trust: This type of deed of trust is used when a buyer secures financing from the seller to purchase a property. It allows the seller to hold a lien on the property until the buyer repays the debt. 2. Refinance Deed of Trust: When a borrower refinances their existing mortgage, a refinancing deed of trust is used to secure the new loan on the property. This allows the new lender to replace the old lender's lien on the property. 3. Home Equity Line of Credit (HELOT) Deed of Trust: A HELOT deed of trust is used when a homeowner obtains a line of credit against the equity in their property. It secures the line of credit and enables the lender to foreclose on the property if the borrower defaults. 4. Second or Third Deed of Trust: In cases where a homeowner takes out an additional loan against their property, such as a second mortgage or home equity loan, a second or third deed of trust is used. These deeds of trust are subordinate to the primary mortgage and provide security to the respective lender. 5. Construction Loan Deed of Trust: When a borrower intends to construct a new property or make extensive renovations, a construction loan deed of trust is used. It ensures the lender's interest in the property as collateral until the construction loan is paid off or converted into a permanent mortgage. Maryland Land Deed of Trusts typically include essential information such as the borrower's and lender's names, property description, loan amount, interest rate, repayment terms, and provisions for default and foreclosure. These documents must be recorded with the appropriate county land records office to provide public notice of the lender's interest in the property.Maryland Land Deed of Trust, also known as a mortgage or security instrument, is a legal document used to secure a loan against real property located in Maryland. It acts as a lien on the property until the debt is fully paid off. The deed of trust allows the lender to foreclose on the property in the event of default by the borrower. There are several types of Maryland Land Deed of Trust, each catering to specific situations and requirements: 1. Purchase Money Deed of Trust: This type of deed of trust is used when a buyer secures financing from the seller to purchase a property. It allows the seller to hold a lien on the property until the buyer repays the debt. 2. Refinance Deed of Trust: When a borrower refinances their existing mortgage, a refinancing deed of trust is used to secure the new loan on the property. This allows the new lender to replace the old lender's lien on the property. 3. Home Equity Line of Credit (HELOT) Deed of Trust: A HELOT deed of trust is used when a homeowner obtains a line of credit against the equity in their property. It secures the line of credit and enables the lender to foreclose on the property if the borrower defaults. 4. Second or Third Deed of Trust: In cases where a homeowner takes out an additional loan against their property, such as a second mortgage or home equity loan, a second or third deed of trust is used. These deeds of trust are subordinate to the primary mortgage and provide security to the respective lender. 5. Construction Loan Deed of Trust: When a borrower intends to construct a new property or make extensive renovations, a construction loan deed of trust is used. It ensures the lender's interest in the property as collateral until the construction loan is paid off or converted into a permanent mortgage. Maryland Land Deed of Trusts typically include essential information such as the borrower's and lender's names, property description, loan amount, interest rate, repayment terms, and provisions for default and foreclosure. These documents must be recorded with the appropriate county land records office to provide public notice of the lender's interest in the property.
