Deed of Trust or Security Deed

The video explains the concept of data trusts in mortgage scenarios, where a lender loans money to a borrower to purchase property. The borrower signs a deed, giving the lender ownership interest. The deed is held by a trustee or the lender as security. If the borrower defaults, the lender can foreclose nonjudicially by executing the security deed.

What happens if a borrower fails to repay the loan according to the terms?

Explain the term 'nonjudicial foreclosure' as mentioned in the text.