What is a substitution of trustee?

What is a substitution of trustee?

A substitution of trustee allows a secondary trustee to take over the duties of the original trustee. A substitution of trustee is a legal document filed when it is necessary to change a trustee. This person is named to take over in the event that the original trustee becomes unable or unwilling to do the job.

What does a substitution of trustee and full reconveyance mean?

A document known as a substitution of trustee and full reconveyance identifies the person who has the authority to reconvey the property and remove the lien. Once the document is registered, it establishes the borrower as the sole owner of the property, which is now free and clear of the previous mortgage.

What is a trustee in a mortgage?

A mortgage involves only two parties: the borrower and the lender. A deed of trust has a borrower, lender and a “trustee.” The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower.

What is a substitute trustees auction?

Simple Definition – A mortgage foreclosure sale initiated by the lender when a borrower defaults on their mortgage. Such sales are overseen by the court. Hence, if the bank moves to foreclose, they name a “Substitute Trustee” to handle the process.

What is a deed of substitution?

A Deed of Substituted Security is a document which enables a lender’s charge on an existing title (i.e. whatever the value of the remaining financial interest in the property they continue to own) to port to a new one.

What does reconveyance mean?

Reconveyance means the return of title to the original owner. In that context, reconveyance refers to the transfer of title to real estate from a creditor to the debtor when a loan secured by the property—i.e. mostly likely a mortgage with the property as collateral—is paid off.

What does full reconveyance mean in California?

The deed of reconveyance is typically issued after the borrower has paid off their mortgage in full. Whether you get a deed of reconveyance, a full reconveyance or a satisfaction of mortgage document, it means the same thing: your loan has been paid in full and the lender no longer has an interest in your property.

What does a reconveyance mean?

What does a trustee of a property mean?

A trustee is a person or firm that holds and administers property or assets for the benefit of a third party. A trustee may be appointed for a wide variety of purposes, such as in the case of bankruptcy, for a charity, for a trust fund, or for certain types of retirement plans or pensions.

Can you buy a house from a trustee?

When you buy a home in trust, you can become the trustee (rather than the outright owner) of the property. The benefit of a trust is that the home won’t go through the lengthy court process of probate, which reviews your will and approves the distribution of assets after your death.

Is trustee sale same as foreclosure?

In real estate, a trustee sale means the sale of real property through public auction. A trustee sale usually occurs when the homeowner is in default on their mortgage, resulting in a foreclosure. A trustee sale is typically the second-to-last step in the foreclosure process in a nonjudicial foreclosure state.

What does trustee mean in real estate?

A trustee is a person or firm that holds and administers property or assets for the benefit of a third party.

What is a substitution of trustee and full reconveyance mean?

A substitution of trustee and full reconveyance is a combined document that allows lenders to appoint new trustees who then release liens held against properties, states the Office of the Clerk Recorder at the County of Santa Clara.

What is a substitution of trustee in real estate?

In Real Estate. A substitution of trustee is also a familiar term in real estate law. If a property owner defaults on a mortgage, the lender may appoint a substitute trustee to carry out the foreclosure.

What is a substitution of trustee and deed of reconveyance?

A document known as a substitution of trustee and full reconveyance identifies the person who has the authority to reconvey the property and remove the lien. Most importantly, a deed of full reconveyance, known as a satisfaction of mortgage in some states, transfers title back to the borrower.

What is the plural of trustee?

trustee (plural trustees) A person to whom property is legally committed in trust, to be applied either for the benefit of specified individuals, or for public uses; one who is intrusted with property for the benefit of another. a person in whose hands the effects of another are attached in a trustee process.