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.
A Land Deed of Trust in Houston, Texas is a legal document that serves as a guarantee and security for a loan involving real estate transactions. Also, commonly referred to as a mortgage in other states, the Land Deed of Trust provides evidence of a lien on the property, ensuring repayment of the loan amount borrowed. In Houston, Texas, there are different types of Land Deeds of Trust that cater to various situations and parties involved: 1. General Land Deed of Trust: This is the standard type of deed used for residential or commercial property purchases. It outlines the terms and conditions of the loan, including interest rates, repayment duration, and the consequences of defaulting on payments. 2. Second (or Junior) Land Deed of Trust: This type of Land Deed of Trust is entered into when a borrower takes out a second loan using their property as collateral. It is subordinate to the first lien holder's mortgage, meaning that in the case of foreclosure, the first mortgage lender gets paid before the second one. 3. Wraparound Land Deed of Trust: This is a special type of Land Deed of Trust where a new loan is structured on top of an existing mortgage. The borrower makes payments to the new lender who, in turn, pays the underlying mortgage. This arrangement is often used when the interest rate on the original mortgage is lower than the current market rates. 4. Construction Land Deed of Trust: This type of Land Deed of Trust is used when financing the construction or renovation of a property. It ensures that the funds disbursed by the lender are used for the intended purpose and offers protection in case of default. 5. Assignment of Rents Land Deed of Trust: In this case, a landlord assigns their rental income to the lender as additional collateral. This helps guarantee loan repayment if the borrower defaults on their mortgage payments. When entering into a Land Deed of Trust in Houston, Texas, it is essential to consult with an experienced real estate attorney or mortgage specialist to ensure all legal requirements are met and that the terms are clear and favorable for all parties involved.A Land Deed of Trust in Houston, Texas is a legal document that serves as a guarantee and security for a loan involving real estate transactions. Also, commonly referred to as a mortgage in other states, the Land Deed of Trust provides evidence of a lien on the property, ensuring repayment of the loan amount borrowed. In Houston, Texas, there are different types of Land Deeds of Trust that cater to various situations and parties involved: 1. General Land Deed of Trust: This is the standard type of deed used for residential or commercial property purchases. It outlines the terms and conditions of the loan, including interest rates, repayment duration, and the consequences of defaulting on payments. 2. Second (or Junior) Land Deed of Trust: This type of Land Deed of Trust is entered into when a borrower takes out a second loan using their property as collateral. It is subordinate to the first lien holder's mortgage, meaning that in the case of foreclosure, the first mortgage lender gets paid before the second one. 3. Wraparound Land Deed of Trust: This is a special type of Land Deed of Trust where a new loan is structured on top of an existing mortgage. The borrower makes payments to the new lender who, in turn, pays the underlying mortgage. This arrangement is often used when the interest rate on the original mortgage is lower than the current market rates. 4. Construction Land Deed of Trust: This type of Land Deed of Trust is used when financing the construction or renovation of a property. It ensures that the funds disbursed by the lender are used for the intended purpose and offers protection in case of default. 5. Assignment of Rents Land Deed of Trust: In this case, a landlord assigns their rental income to the lender as additional collateral. This helps guarantee loan repayment if the borrower defaults on their mortgage payments. When entering into a Land Deed of Trust in Houston, Texas, it is essential to consult with an experienced real estate attorney or mortgage specialist to ensure all legal requirements are met and that the terms are clear and favorable for all parties involved.
