Primarily, Texas is a 'Deed of Trust' based state. Here, if a borrower defaults on a loan, the lender can foreclose under the provisions of deed of trust without actually going to court. With a foreclosure, the trustee named on the deed of trust may sell the property of the borrower.
Vikki Guest
Posted: Tue Nov 18, 2008 10:25 am Post subject: Deed of Trust
In Texas can you hold a Deed of Trust on a property and later if the person wants to borrow more money can you do add to that Deed of Trust or draw up a new Deed of Trust?
As far as I know, you will have to draw up a new deed of trust if you borrow more money later on.
Thanks,
Jerry
EDDY Guest
Posted: Thu Nov 05, 2009 2:14 pm Post subject: TEXAS DEED OF TRUST VS. MORTGAGE
MY QUESTION, IN THE CASE OF ONE FAMILY FINANCING A HOME TO ANOTHER FAMILY MEMBER IS THE DEED OF TRUST REQUIRED OR IS THE MORTGAGE SUFFICIENT. I AM INTERESTING IN COMPLYING WITH IRS REGULATIONS THAT THE HOME LOAN BE SECURED.
IN THE CASE OF ONE FAMILY FINANCING A HOME TO ANOTHER FAMILY MEMBER IS THE DEED OF TRUST REQUIRED OR IS THE MORTGAGE SUFFICIENT
How would one family finance a home to another family? Can you explain that? Do you want to mean there's a mortgage on the property and the other family member wants to take over the responsibility of the loan? If that is what you mean, then that member needs to refinance the mortgage in his/her name in order to release the current borrower from the liability.
larry
