DEEDS OF TRUST FOR EVERGREEN COLORADO REAL ESTATE
One of the newer types of deeds used in Colorado is the Deed of Trust. The Deed of Trust is a legal instrument which takes the place, and serves as a further guarantee for the mortgage lender, whereby the legal title to real property is put in a trust controlled by the County Trustee to secure the repayment of the mortgage or the performance of other conditions. Although it is some what different from a mortgage it serves the purpose of securing the rights of the mortgage holder.
The reason the Deed of Trust became popular was to legally defeat the right of redemption a property owner had under the old mortgage system. If a lender foreclosed on an owner, the owner still had a Right of Redemption which could last up to a year. In a foreclosure the new owner did not have full control of the property and could not sell the property and issue a warranty deed to the buyer, because the original owner still had full rights to buy back the property. So the lender owner could not sell the property and even a lease was subject to the Right of Redemption of the former owner.
Under the Deed of Trust the trustee takes full control of the property upon default and the Bank or Mortgage lender immediately assumes full rights of ownership. The mortgage crisis of the last few years has demonstrated the blessings and curses of the Deed of Trust system of property ownership.
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