Abilene Texas Substitute Trustee's Deed is a legal document used in real estate transactions to transfer the ownership of property from a borrower to a lender or a third party. This deed comes into play when a borrower defaults on their mortgage or loan payments, leading to foreclosure. It allows the lender or the third party, known as the substitute trustee, to sell the property in order to recover the outstanding debt. Keywords: Abilene Texas, Substitute Trustee's Deed, real estate, property, transfer, ownership, borrower, lender, third party, default, mortgage, loan, foreclosure, sell, outstanding debt. There are two main types of Abilene Texas Substitute Trustee's Deed: 1. Trustee's Deed by Sale: This type of Substitute Trustee's Deed is used when the property is sold through a foreclosure sale. The substitute trustee, appointed by the lender, has the legal authority to auction off the property to the highest bidder. The proceeds from the sale are then used to satisfy the outstanding debt owed by the borrower. 2. Trustee's Deed by Deed in Lieu of Foreclosure: In this type of Substitute Trustee's Deed, the borrower voluntarily transfers the property to the lender to avoid foreclosure. The deed in lieu of foreclosure is executed when the borrower and the lender mutually agree to transfer the ownership of the property. This option allows the borrower to avoid the negative consequences of foreclosure, while the lender can recover at least a portion of the outstanding debt. Keywords: Trustee's Deed by Sale, foreclosure sale, auction, the highest bidder, deed in lieu of foreclosure, voluntary transfer, negative consequences, outstanding debt, recover.
Abilene Texas Substitute Trustee's Deed
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