In other words, unlike a mortgage, the lender is not obliged to sue the borrower in a public court; Instead, the lender/beneficiary simply orders the agent to send, mail, publish and/or record certain communications prescribed by law, culminating in a “fiduciary sale” in which the agent auctions the property to the highest bidder. The borrower`s equity title normally ends automatically under the law (under applicable law or jurisprudence) upon sale of the agent. The agent then issues a document that simply transfers the legal and equitable title to the property in fees to the highest bidder. In return, the successful tenderer registers the deed and becomes the owner of the registration. . . .