In May 2019, effective October 1, 2019, Nevada passed Senate Bill 382 amending the law pertaining to deeds of trust, foreclosure sales, and homeowners’ associations.
things, this is a change to Nevada Revised Statute § 40.050, whose
language states that a mortgage of real property is not deemed a
conveyance. If a mortgage does not constitute a conveyance, the mortgage
lender may take possession on the home upon the inhabitant’s default, bypassing
a judicial foreclosure sale.
a deed of trust
between the home buyer and the lender. A deed of trust places the legal ownership of a home
with a designated trustee until the buyer—who holds equitable ownership—pays
off the loan.
some buyers do experience financial challenges and find themselves unable to
pay their mortgages.
briefly explore the ramifications, as seen through a case that shook
mortgage lenders’ expectations in homes they held legally through deeds of
Continue reading “Nevada Clarifies Mortgage Law, But What About Deed of Trust Lender Entry Provisions?”
With a deed of trust, a buyer
pledges an interest in real estate to secure a loan. In some states this takes
the place of a mortgage document. (For a list of states commonly using deeds of
trust see the section on Mortgage States and Deed of Trust
States in our previous post, “You’ve
Paid Off the Mortgage. What Happens Now?”)
a mortgage agreement is formed between the borrower and the lender, a deed
of trust, also known as a trust deed, has one key difference. The trust deed
designates a trustee—a
third party who retains legal ownership of the home until the buyer
completes the payoff.
Continue reading “What Is a Deed of Trust?”
Congratulations! Paying off a mortgage is an impressive milestone.
Now that you have paid off all the debt on your property, your home state’s law will direct your lender to take certain actions.
The lender will send you a certificate of satisfaction. This certificate, which the lender records in your home county, notifies the public that you have satisfied your obligation, and the lender has removed the lien from your property.
A few details of this process depend on what state your property is in, and whether your debt was secured through a deed of trust.
Continue reading “You’ve Paid Off the Mortgage. What Happens Now?”