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#1017200 - 08/11/08 07:34 PM Deed of Trust question
LoveHMDA Offline
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Joined: Nov 2005
Posts: 283
Is a Deed of Trust considered a credit agreement?

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#1017339 - 08/11/08 09:49 PM Re: Deed of Trust question LoveHMDA
Tom at HOME Offline
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Joined: Oct 2005
Posts: 1,139
I'm not certain the cause of your question, BUT. A deed of trust is the collateral instrument or tool. The credit agreement is the note, bond, contract, etc. that forms the obligation referenced in the deed of trust.

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#1019664 - 08/13/08 11:54 PM Re: Deed of Trust question Tom at HOME
Dazed and Confused Offline
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Dazed and Confused
Joined: Feb 2006
Posts: 250
Big XII South
If I recall correctly, I've seen some Texas banks that have combined these two contracts into a single document.

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#1019689 - 08/14/08 02:19 AM Re: Deed of Trust question Dazed and Confused
Tom at HOME Offline
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Joined: Oct 2005
Posts: 1,139
Quote:
If I recall correctly, I've seen some Texas banks that have combined these two contracts into a single document.
Not impossible, but why would you want to make your note terms public? I would not agree to a Note/Deed of Trust.

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#1020422 - 08/14/08 06:47 PM Re: Deed of Trust question Tom at HOME
straw Offline
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straw
Joined: Nov 2002
Posts: 9,121
I've actually had the opposite request from some borrowers to not disclose the lien amount on the deed of trust.

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#1020769 - 08/14/08 11:04 PM Re: Deed of Trust question straw
Tom at HOME Offline
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Joined: Oct 2005
Posts: 1,139
In Texas, a deed of trust does not require a detailed description of the note secured. You can us an oblique reference that will not disclose the lien amount. Talk to your real estate attorney, they know how.

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#1021143 - 08/15/08 04:06 PM Re: Deed of Trust question Tom at HOME
straw Offline
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straw
Joined: Nov 2002
Posts: 9,121
Yes, we did and we were able to grant the request and not disclose the lien amount. Just found it odd.

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