A trustee deed is one that conveys the title to foreclosed real estate either to the high bidder at an auction or to the lender...
Under the terms of a trustee deed, the borrower retains equitable title — what is commonly considered ownership of the property — and the right to possession of the property. The borrower gives the lender a promissory note — a legal pledge to pay money owed — in exchange for a loan. ...
Under the terms of a trustee deed, the borrower retains equitable title — what is commonly considered ownership of the property — and the right to possession of the property. The borrower gives the lender a promissory note — a legal pledge to pay money owed — in exchange for a loan. ...