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Notices are entitled ?Notice of Trustee's Sale? or ?Notice of Substitute Trustee's Sale.? They provide information about the debt, the legal description of the property, and designate a three-hour period during which the sale will be held.

A document known as a substitution of trustee and full reconveyance identifies the person who has the authority to reconvey the property and remove the lien. Most importantly, a deed of full reconveyance, known as a satisfaction of mortgage in some states, transfers title back to the borrower.

In a nutshell, the Substitution of Trustee and Deed of Reconveyance is a legal document that evidences security interest is being release by a lender. In most cases, the document shows that a loan has been paid off. Property owners may even receive this document if they have refinanced a loan.

A substitution of trustee under a trust deed is a legal document that allows the mortgage lender to change the person or business entity that will carry out the private trustee's foreclosure sale.

Foreclosures may be judicial (ordered by a court following a judgment in a lawsuit) or, most likely in Texas, non-judicial (?on the courthouse steps?). The effect of foreclosure is to cut off and eliminate junior liens, including mechanic's liens, except for any liens for unpaid taxes.

In Texas, the trustee is specifically appointed within the deed of trust document. Usually, the beneficiary of a deed of trust chooses the trustee. Technically, a trustee can be any individual or entity that is willing to serve in that capacity.

Conducting the Sale Foreclosure auctions are generally held the first Tuesday of each month between a.m. and p.m. at the county courthouse. The sale must begin at the time stated in the notice of sale, but no later than three hours after the time scheduled on the notice of sale.

A substitution of trustee simply names a new person to take over that position, as well as a secondary trustee if necessary. A substitution of trustee and full reconveyance serves two purposes: It enables a lender (such as a mortgage company) to appoint a new trustee. It allows the new trustee to release the lien.

After the foreclosure sale, if the property sells for a higher price than what is owed, the excess funds would then be used to pay off any additional liens that may be on the property.

A deed of reconveyance is a legal document that indicates the transfer of a property's title from lender to borrower. The deed of reconveyance is typically issued after the borrower has paid off their mortgage in full. Some states do not use mortgages but use deeds of trust.

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Substitute Trustee(s) Appointed to Conduct Sale. Bills are mailed about Oct.15, and are due Jan. 31. NOTICE OF SUBSTITUTE TRUSTEE'S SALE. Mandalay at Las Colinas: 221 E. Las Colinas Blvd.

Irving Texas Substitute Trustee's Notice of Sale

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What is a notice of substitute trustee sale in Texas?

What is the purpose of a substitution of trustee and full reconveyance?

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Does a foreclosure wipe out all liens in Texas?

Can the lender be the trustee in a deed of trust in Texas?

When must a foreclosure sale in the state of Texas be conducted?

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