DOCUMENTS YOU SHOULD KNOW

Before taking action of any sought it is important that you understand certain documents. The documents that you signed prior to taking the loan, if you know the significance of the documents it would help you in stopping the foreclosure because you then know which document contains what and how effectively you can use it to save your house.

The very first document and the most important one indeed is the promissory note.  It is the first document that you sign before taking the loan. It is a document where in you have promised to return the money that you have taken. The parties to the promissory notes are borrower and the lender. The promissory notes can be broken down in these major categories amount of indebtedness, location of execution, date of execution, name of the lender, address of the lender, amount of indebtedness, interest effective rate, interest effective rate, interest rate, installment amounts, installment due date, commencement date, final payment date and signature of borrower.

The second document is the deed of trust. These are the documents where you transfer the legal rights to your property to the lender. The parties to deed of trust are trustor, beneficiary and the trustee.

These are the two basic documents that you should be knowing very deeply because, you might need it at any point while trying to save your home.

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