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Michigan Deed Trustee Form

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in a mortgage agreement there are typically two parties involved the borrower or mortgage or and the lender the mortgage e the borrower signs a promisory note which is a promise to repay the loan amount plus interest now the mortgage itself is a separate document that pledges the property is collateral for the loan if the barer fails to repay the loan the lender can foreclose on the property and sell it to recover the debt but in a deed of trust agreement there are actually three parties in B the borrower or trustor the lender or beneficiary and a neutral third party known as the trustee the borrower signs a promisory note similar to a mortgage arrayment promising to repay the loan

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