| Real Estate Terms -> What are Silent 2nd Trust Deeds |
Silent 2nd Trust Deeds
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What are Silent 2nd Trust Deeds ? |
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Typically funded by Government Agencies from the federal level town to the county or city level. These loans are typically 2nd Trust Deeds used for your down payment and/or closing costs. The loans are silent in that they do not require any monthly payments. Interest will accrue on the loan for as long as you keep the property. Upon selling your home, you will have to pay back the silent loan and any interest that has accumulated. The interest is usually very low and sometimes will be forgiven if you do not profit enough from the sell of your home. |
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