North Carolina Sample Letter regarding Authority to Cancel Deed of Trust
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How to fill out Sample Letter Regarding Authority To Cancel Deed Of Trust?
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FAQ
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.
A North Carolina deed of trust is a real estate transfer instrument between a lender, borrower, and a trustee whereby a property title is transferred as collateral for a loan to purchase real estate. The title is maintained by the trustee until the borrower (property owner) returns the entire loan amount to the lender.
N.C. General Statutes Section 45-37(b) creates a presumption that the secured debt has been paid, and the lien of the deed of trust securing the debt expires 15 years after the maturity date of the debt as stated in the security instrument (or, as in this case, 15 years after the date of the note if the note is payable ...
Deeds of trust and mortgages can be satisfied with a simple instrument prepared and signed by the trustee or secured creditor and acknowledged; however, still allowing for satisfaction previously provided for in North Carolina Law, Register of Deeds no longer will have forms for satisfaction the provisions of the law ...
There are three parties involved in a deed of trust: Trustor: This is the borrower. Trustee: This is the third party who will hold the legal title to the real property. Beneficiary: This is the lender.
The lender is entitled to foreclose on the property if the borrower fails to make the required payments on the loan. The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest.
Generally, the trustee must be an attorney, title insurance company, trust company, bank, savings and loan, credit union, or other company specifically authorized by law to serve as a trustee. Other states have no limitations.
