0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Is a deed of trust a secruity instrument?
Yes. A deed of trust is similar to a mortgage.Yes. A deed of trust is similar to a mortgage.Yes. A deed of trust is similar to a mortgage.Yes. A deed of trust is similar to a mortgage.
How can foreclosure on my credit report affect me?
A foreclosure will affect your credit and credit score by decreasing your score, and potentially lowering your overall credit scoring method. If you have a trust deed and the vast majority of home sales in the United States involve a trust deed once the sale takes place the lender simply gets the home back. There is no deficiency owed. However if there is a second mortgage or most likely a second trust deed that lender will normally not bid at the foreclosure sale and you will owe that as an unsecured debt. If you have only one mortgage or trust deed you can simply let the home go back if you are unable to sell the home. If you owe a significant 2nd loan then you may need to consult with a bankrutpcy attorney to resolve that debt
Can supplementary deed supersede trust deed?
The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.
How do you nullify a deed of trust?
Only a judge can nullify a deed of trust by issuing a court order to that effect.Only a judge can nullify a deed of trust by issuing a court order to that effect.Only a judge can nullify a deed of trust by issuing a court order to that effect.Only a judge can nullify a deed of trust by issuing a court order to that effect.
What is the difference between a Deed and a Deed Of Trust?
A deed is the instrument used to transfer title to real estate. A deed of trust transfers property to someone to be held in trust for another. A deed of trust can have different meanings in different jurisdictions. In some states a deed of trust has the effect of a mortgage. A trustee holds the property until the debt has been paid. In other jurisdictions a deed of trust is a deed that transfers real property to a trustee who will hold title to the property indefinitely according to the terms of the trust. The trust may be one that was created in a separate instrument that is referenced in the deed or the trust may be set forth in the deed itself.
How do you get your original deed of trust note?
If you want to get your original deed of trust note, it will need to be obtained from the trustee. A deed of trust is a document that secures a loan with real property.
Who can amend the clauses of a deed of trust?
A deed of trust is the form for a mortgage in some states. Only the original parties to the transaction can amend it. Amending a deed of trust may require a reconveyance by the trustee.A deed of trust is the form for a mortgage in some states. Only the original parties to the transaction can amend it. Amending a deed of trust may require a reconveyance by the trustee.A deed of trust is the form for a mortgage in some states. Only the original parties to the transaction can amend it. Amending a deed of trust may require a reconveyance by the trustee.A deed of trust is the form for a mortgage in some states. Only the original parties to the transaction can amend it. Amending a deed of trust may require a reconveyance by the trustee.
If the holder of second trust deed forecloses first does it have to pay off the full amount owed to the first trust deed?
If the holder of the second mortgage, or deed of trust, forecloses, that lender takes the property subject to the first mortgage or deed of trust.
Can a trust exist where there is no trust deed?
A court can impose a trust on equitable grounds against someone who obtained property through wrongdoing. The wrongdoer is reduced to a trustee and the title is restored in the rightful owner. This is called a constructive trust. Generally, a trust exists by virtue of a document that sets forth the provisions of the trust, names the trustee(s) and adheres to the state requirements for a valid trust. That document is commonly called a Declaration of Trust. A trust exists independently whether it owns property or not. Any property that is to be held in trust by the trustee must be transferred to the trust. If that property is real estate, the owner must execute a deed that transfers title to the trustee of the trust. By doing so the owner is giving up ownership. If there is no deed to the trustee then the real estate is not part of the trust property. The deed to the trustee is referred to as a trust deed or deed of trust. When the property is transferred out of the trust by the trustee that deed is called a trustee's deed. In some jurisdictions a trust deed or deed of trust is the term used to describe a mortgage.
What happens to the second deed of trust if the first deed of trust is in foreclosure?
Nothing essentially happens to the 2nd deed of trust unless the property actually goes to sale and the foreclosure does not get cured by either the Trustor or the beneficiary of the 2nd deed of trust. In that case the 2nd deed of trust would cease to exist and drop off title at time of the sale of the property.
Does a quitclaim deed modify a living trust?
A trust is an agreement. You cannot "modify" a trust by a deed. Trusts are modified by amendments to the trust. Property can be removed from a trust by a deed executed by the trustee if the trustee has been given the power to sell real estate.
Can I file a quick claim on a deed in trust?
You can transfer your real property to the trustee of a trust using a quitclaim deed.
