Deed Of Trust Vs. Mortgage

What is the difference between a mortgage and a deed of trust?

The following are the basic differences between a mortgage and a deed of trust:

Only two parties are involved in a mortgage document – the lender and the borrower.
Three parties are involved in a trust deed – the lender, the borrower and the trustee.
With a mortgage document foreclosure the state law will determine the foreclosure method that will take place, which can sometime involve a lengthily process.
A deed of trust usually involves a quicker foreclosure, because the most common type of foreclosure is a non-judicial one.

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