What is a significant difference between foreclosure under a deed of trust and foreclosure under a traditional mortgage?

Deed Of Trust Vs. A mortgage only involves two parties ? the borrower and the lender. A deed of trust adds an additional party, a trustee, who holds the home's title until the loan is repaid. In the event of default on the loan, the trustee is responsible for starting the foreclosure process.

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California Deed in Lieu of Foreclosure - Individual to a Trust

Huntington Beach California Deed in Lieu of Foreclosure - Individual to a Trust

Name: Huntington Beach California Deed in Lieu of Foreclosure - Individual to a Trust
Brand: US Legal Forms
Rating: 4.68 (261 reviews)

Category:

California Real Estate - Deeds - Grant

State:

California

City:

Huntington Beach

Control #:

CA-029-78

Format:

Instant download

Description

This s a Grant Deed in the form of a Deed in Lieu of Foreclosure where the Grantor and the Grantee is a Trust. Grantor conveys and grants the described property to the Grantee. The transfer to the Grantee serves as satisfaction of the prior Deed of Trust and Promissory Note. This deed complies with all state statutory laws.

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FAQ

The beneficiary can (where there is one beneficiary or if there are several beneficiaries and all of them agree) direct the trustee to transfer the trust property to him (if there are several beneficiaries to all of them) or to such other person as the beneficiary (or the beneficiaries may desire).

The settlor establishes the trust by transferring the property. The trustee is the person in charge of managing the trust. The beneficiary is the one who will benefit from the trust. As the new legal owner of the property, the trustee manages it according to the settlor's wishes outlined in the deed.

California mainly uses two types of deeds: the ?grant deed? and the ?quitclaim deed.? Most other deeds you will see, such as the common ?interspousal transfer deed,? are versions of grant or quitclaim deeds customized for specific circumstances.

To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.

Deed Of Trust Vs. A mortgage only involves two parties ? the borrower and the lender. A deed of trust adds an additional party, a trustee, who holds the home's title until the loan is repaid. In the event of default on the loan, the trustee is responsible for starting the foreclosure process.

In states that allow the use of a deed of trust as opposed to a mortgage agreement, most homes are foreclosed through a process called non-judicial foreclosure. Non-judicial foreclosure, as the name implies, occurs outside of the court system, and is usually much faster and cheaper than judicial foreclosure.

Drawbacks Of A Deed In Lieu No guarantee of acceptance: Your lender isn't obligated to accept your deed in lieu of foreclosure. Your credit will still take a hit: While a deed in lieu arrangement won't harm your credit as drastically as a foreclosure, you can still expect your score to drop.

The Cons. While there are many benefits to putting your home in a trust, there are also a few disadvantages. For one, establishing a trust is time-consuming and can be expensive. The person establishing the trust must file additional legal paperwork and pay corresponding legal fees.

In California, lenders can foreclose on deeds of trust or mortgages using a nonjudicial foreclosure process (outside of court) or a judicial foreclosure process (through the courts). The nonjudicial foreclosure process is used most commonly in our state.

How to Foreclose on a Deed of Trust Step 1 ? Notice of Default. Record a Notice of Default with the county recorder.Step 2 ? Notice of Sale.Step 3 ? Auction.Step 4 ? Obtain Possession of Property.

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Foreclosure activity in California remains among the highest in the country. Loan Application 1003.Huntington Beach, California. Loan Number: 000257. Eight (35. The lender is the institution that made the loan. Worried about losing your home to foreclosure? Find out how we help clients and their families stay in their homes. Mortgage services frequently record an assignment of deed of trust as part of the nonjudicial foreclosure process.

Huntington Beach California Deed in Lieu of Foreclosure - Individual to a Trust

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FAQ

How do you transfer property into a trust?

Who transfers property into a trust?

What are the 2 main types of deeds to transfer property in California?

How do I transfer a deed to a trust in California?

What is a significant difference between foreclosure under a deed of trust and foreclosure under a traditional mortgage?

What technique is used in foreclosing a deed of trust?

What is a disadvantage of a deed in lieu of foreclosure?

What are the disadvantages of putting your house in a trust?

Is foreclosure of a trust deed done in court in California?

How do you foreclose on a deed of trust in California?

Interesting Questions

What is a Deed in Lieu of Foreclosure?

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How does a Deed in Lieu of Foreclosure work?

What are the benefits of a Deed in Lieu of Foreclosure?

Are there any downsides to a Deed in Lieu of Foreclosure?

Who is eligible for a Deed in Lieu of Foreclosure?

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