Texas Sample Letter regarding Authority to Cancel Deed of Trust
Description
How to fill out Sample Letter Regarding Authority To Cancel Deed Of Trust?
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FAQ
The Trustee is usually the person that prepares the Deed of Trust. It is usually a lawyer or an employee of the Lender. The Lender can change the Trustee at any time. However, the Grantor or Borrower cannot change the Trustee.
This document may be called the Security Instrument, Deed of Trust, or Mortgage. When you sign this document, you are giving the lender the right to take your property by foreclosure if you fail to pay your mortgage ing to the terms you've agreed to.
The person signing the Deed of Trust is called the Grantor. This is the person that owes the borrowed money. Also called the Borrower. This Grantor is the only person to sign the document.
A Release of Deed of Trust is signed and executed by the Current Owner of the Evidence of Debt (Lender) when the note is paid in full and then submitted to the Public Trustee of the county where the property is located.
The Deed of Trust acts as a lien on the property until the borrower has completed payment of their loan. At that point, the lender makes a request to the Public Trustee to release the Deed of Trust, which, when recorded, removes the lien against the property.
Deed of Trust The trustee (someone other than the buyer and the lender) gets the deed and technically owns the property while the loan exists. The trustee cannot sell the property unless the borrower defaults on the loan. The trustee transfers the property to the buyer when the borrower repays the loan.
The trustee holds the property deed until the borrower pays off the loan debt in full. During the repayment period, the borrower holds the property title to home while the trustee holds the legal title or deed to the property.
