Trust Deed Investing

[Samuel S.]

Hey BP Folks,

So I have been looking to invest in trust deeds for some time now, but there are still a few things that I am hoping to get clarity on before making the leap.  The confusion I am getting is in relation to the foreclosure process.  The trust deeds that I am looking into would all be first position liens, where the underlying property had been owned free and clear prior taking out the loan.

1.)  Can all trust deeds be foreclosed on out of court, or just the ones located in non judicial foreclosure states?

2.)  Can I myself foreclose on the property, or do I need an attorney to do so?

3.)  If there is a power of attorney clause in the contract, but it is in a judicial foreclosure state, can the property be foreclosed on relatively quickly and cost effectively through the court system?

4.)  Once the property is taken back over, do I have the option of renting it out instead of selling?  And if renting it out is a viable option, do I have the ability to borrow against the property (being that I now own the property free and clear)?

My understanding is that trust deeds essentially transfer the legal title to a third party (title company etc), while the borrower receives equitable title.  Wouldn't this situation make it that much easier to have the title quickly transferred over to the lender should there be a breach of contract?

Any advice would be greatly appreciated!!