Under Tennessee law when a foreclosure sale of property secured by a deed of trust
fails to satisfy the indebtedness, the creditor may recover a deficiency judgment.
Also provided is the state-specific short-form mortgage or deed of trust
to be used with each mortgage loan that contains loan-specific information and incorporates by reference the provisions of the recorded master.
When the relinquished property is encumbered by a deed of trust
, the client can unexpectedly recognize gain, because Regs.
A Deed of Trust
can detail each owner's percentage share in the property, or detail a fixed sum to be paid to at least one of the co-owners if the property was sold, while the other owners share the remainder.
A construction loan deed of trust
should state it is being used for construction purposes, otherwise it may be found to be a land loan.
Review the note and deed of trust
to confirm that the lender has nor included right of offset against accounts of the borrower which may be held in the course of other business with the lender.
The regular and special homeowners' assessments, a deed of trust
on the common area and the homeowners' dues secured the loan.
For instance, a closing attorney's decision as to whether to entitle the security instrument a mortgage, deed of trust
or deed to secure debt would be determined by the state in which the security instrument is to be filed.
The Tennessee deed of trust
, assignment of rents and leases, security agreement and fixture filing is filed by the company with Renasant Bank.