Odessa Texas Substitute Trustee's Deed
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How to fill out Texas Substitute Trustee's Deed?
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FAQ
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.
This is required by the Texas Property Code. The borrower must own legal title to the property that is being pledged to secure the borrowed money.
A trustee sale is the sale of real estate property through a public auction. In most cases, trustee sales are only possible because homeowners are in some financial crisis, such as a homeowner defaulting on their mortgage payments and the property going into foreclosure.
In simple terms, anyone who has the capacity to hold property can be a trustee. It is possible to be both a beneficiary and a trustee, although this may not always be appropriate. A trust may have just professional trustees, just lay trustees or a combination of the two.
In Texas, a deed of trust, also known as a trust deed, is the commonly used instrument for the purpose of creating mortgage liens on real estate. A mortgage is an executed contract in which the legal or equitable owner of the real property pledges the title thereto as security for performance of an obligation.
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. In most cases, the trustee is an escrow If you don't repay your loan, the escrow company's attorney must begin the foreclosure process.
The trustee named in a Texas deed of trust can be any individual person who has the legal capacity to hold and transfer property. Under Texas law, if the named trustee is a corporation, the corporation must be authorized to act as a trustee in Texas.
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.
When you set up a living trust as the grantor, you designate both trustees and beneficiaries. You can designate the same person as both a beneficiary and a trustee, and you can even name yourself as a trustee and beneficiary.
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.