A legal document that authorizes the sale of your home by someone else if you fail to keep up your payments.
This is the legal document that creates a security interest in the borrower's home. This document gives the lender (or its agent, the Trustee) a right to foreclose/take the borrower's home for defaults such as nonpayment of principal and interest, nonpayment of real estate taxes, failure to maintain the property ("waste"), or failure to maintain property insurance.
The legal document which creates a security interest in favor of the lender. The borrower is pledging the real property as security for repayment of the amount of money borrowed. It is recorded in the land records to put everyone on notice that the property is security for the debt, and is released in the records each time the loan is paid off, i.e., when the property is sold or when the property is refinanced.