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New York Deed of Trust Form

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A New York deed of trust is a loan security agreement wherein a trustee retains a property title for a lender until a debt has been satisfied by a borrower. Like a mortgage, a deed of trust gives the lender collateral for a real estate loan. The lender would be able to foreclosure the borrower’s property if they fail to make payments or otherwise default on the loan contract. Unlike a mortgage, a deed of trust involves a third-party trustee who handles the property foreclosure.

From 1998 to 2009, New York permitted non-judicial foreclosures for real estate of six (6) or more dwelling units located outside New York City as well as all commercial property in the state. Any mortgage or deed of trust executed after July 1, 2009, must be foreclosed on judicially (with a court proceeding).

Related Forms (1)

New York Promissory Note – Records a borrower’s promise to satisfy a debt owed to a lender.

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