Collin Texas Substitute Trustee's Deed refers to a legal document that is commonly used in real estate transactions in Collin County, Texas. It is a type of deed used when a property is being sold through a foreclosure sale or a non-judicial foreclosure process. The Substitute Trustee's Deed is executed by a substitute trustee appointed by the lender or mortgagee, typically a bank or a loan service, to foreclose on the property due to the borrower's failure to make mortgage payments. This deed allows the lender to transfer ownership rights of the property to a new buyer or to themselves if there were no bidders at the foreclosure sale. The purpose of the Collin Texas Substitute Trustee's Deed is to extinguish the borrower's rights and interests in the property and transfer it to the new owner or the foreclosing bank. This transfer of ownership is necessary to provide a clear and marketable title for the property, enabling its sale or transfer free from any liens or claims related to the previous borrower. Keywords: Collin Texas, Substitute Trustee's Deed, real estate transactions, foreclosure sale, non-judicial foreclosure process, substitute trustee, lender, mortgagee, foreclosure, borrower, mortgage payments, ownership rights, new buyer, bidders, transfer of ownership, clear and marketable title, liens, claims. Types of Collin Texas Substitute Trustee's Deed: 1. Collin Texas Subordinate Trustee's Deed: This type of substitute trustee's deed is used when there are multiple liens or mortgages on a property, and the foreclosure takes place, with the agreement of all parties involved, subordinate to a primary lien or mortgage. 2. Collin Texas Executor's Substitute Trustee's Deed: This substitute trustee's deed is used when the trustee appointed by the lender is an executor or administrator of an estate, implying that the property is being foreclosed upon as a result of the estate's financial complications. 3. Collin Texas Correctional Substitute Trustee's Deed: This substitute trustee's deed is utilized when a mistake or inaccuracy is discovered in a previously recorded substitute trustee's deed requiring correction, such as a misspelled name or an incorrect legal description. Keywords: Collin Texas, Substitute Trustee's Deed, Subordinate Trustee's Deed, Executor, Administrator, Estate, Correctional Substitute Trustee's Deed, mistake, inaccuracy, recorded.
Collin Texas Substitute Trustee's Deed
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