The average residential real estate transaction creates nearly two inches of paperwork. In that stack of paper are two documents that are of significance to a foreclosure: the promissory note and the deed of trust or mortgage.

Although most people speak of mortgages, many states use don’t use mortgages at all! In California the Deed of Trust has supplanted the mortgage. Lenders prefer the Deed of Trust because the foreclosure is faster and involves very little court supervision. The differences are explained in the next chapter which covers foreclosure workout solutions.

P.S. On nearly every page I remind my readers to monitor their credit score. I do that because one of the most serious consequences of foreclosure is damaged credit. The first step to protect your credit is to review your credit report (you can get a free credit report here).

If you need help with your foreclosure, contact HomeAssure.com. They guarantee they can stop your foreclosure. They also offer a free consultation, which I suggest you take them up on before signing any documents.