Subject: North Carolina Sample Letter- Authority to Cancel Deed of Trust Dear [Recipient's Name], I am writing to formally request the cancellation of the Deed of Trust associated with the property located at [Property Address], in accordance with the authority granted to me as the interested party. As per the regulations in North Carolina, I believe it is imperative to initiate this process to officially nullify the Deed of Trust. As the lawful owner of the property, I hereby authorize and request the parties mentioned below to cancel the Deed of Trust and take the necessary steps to reflect this change in the property records: 1. [Lender's Name]: As the lender and holder of the Deed of Trust, you are requested to officially cancel the Deed of Trust and cease all claim on the property. 2. [Trustee's Name]: The appointed trustee, responsible for overseeing the Deed of Trust, is hereby authorized to process the cancellation and ensure the removal of the lien from the property records. 3. [County Recorder's Office]: I kindly request the County Recorder's Office to remove the Deed of Trust from the public records and provide official documentation indicating the cancellation. To aid in the cancellation process, I have enclosed the necessary supporting documents, including a copy of the Deed of Trust, identifying information of the property, and my valid identification to verify my authority. Please note that this cancellation request is in compliance with the laws and regulations of North Carolina, specifically [cite relevant legal codes or guidelines if applicable]. In the event that any fees or charges are associated with the cancellation process, I am prepared to fulfill my financial obligations promptly to expedite the cancellation proceedings. I request that all parties involved respond to this letter within [reasonable timeline], acknowledging receipt of this authority to cancel the Deed of Trust and providing an estimated timeframe for completion of the cancellation process. Your prompt attention to this matter is greatly appreciated. Should you require any additional information or have any questions, please do not hesitate to contact me at [Your Contact Information]. Thank you for your cooperation in this regard. Sincerely, [Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] Types of North Carolina Sample Letters regarding Authority to Cancel Deed of Trust: 1. North Carolina Sample Letter — Authority to Cancel Deed of Trust to Lender: This letter specifically addresses the lender, granting them the required authority to cancel the Deed of Trust. 2. North Carolina Sample Letter — Authority to Cancel Deed of Trust to Trustee: This letter is directed to the trustee responsible for overseeing the Deed of Trust, authorizing them to initiate the cancellation process. 3. North Carolina Sample Letter — Authority to Cancel Deed of Trust to County Recorder's Office: This particular letter is intended for the County Recorder's Office, formally requesting the removal of the Deed of Trust from public records and issuing official documentation reflecting its cancellation.
North Carolina 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.
