Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days-Investing Without Losing Series With foreclosures spiking around the nation, homeowners should learn the foreclosure laws in their states - what you don’t know can hurt you. “The foreclosure laws tend to be very parochial,” said Lawrence Jacobson, a real estate attorney in Los Angeles. One major divide is whether the principle instrument securing the loan is a conventional mortgage or a “deed of trust.” They are not the same even though everybody uses the term “mortgage” interchangeably. Mortgages involve two parties, borrowers and lenders, while deeds of trust have third parties, called trustees, who hold temporary title to the properties until borrowers pay off their loans. That difference can be crucial when a borrower falls behind in payments. With deeds of trust, the trustees don’t have to go to court to initiate a foreclosure; with a mortgage, the lender almost always does, which slows down the process.

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