i'm sorry, Latigo, but that's not strictly true. Yes it's uncommon for the situation to occur, but it can happen. All the deed of trust says that if you don't fulfill the obligation, the trustee may take steps against the secured property to satisfy the obligation to the beneficiary. The deed of trust itself is NOT that obligation and I've certainly not seen any in the states I've owned property in (admittedly not Texas) where the note is part of the deed of trust. The note is a distinct document stating the terms under which the money is to be repaid. The trustors need to be all the owners of the property but there is only a coincidental relationship between them and the borrowers on the note.