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Deed of Trust Questions

In U.S, the Deed of Trust is a document which represents a binding agreement between a lender and a borrower to transfer the ownership in the borrower’s property/asset to a neutral third party. Legally this is called a trustee and is used to secure the payment of a debt availed/taken by the borrower. It is often filed along with a promissory note. It is also known as a Trust Deed or a Potomac Mortgage. Many times when dealing with a Deed of Trust, people have questions and do not know where to get the answers. To know more about issues related to Deed of Trust, read below answers provided by Experts.

How does a Deed of Trust Work?

It is basically a general agreement under three parties, a lender, borrower and a trustee. Under this, the borrower conveys the right of ownership of his/her asset to the trustee as a security against the loan/debt taken from the lender. If the debt is paid by as per the clause, the borrower gets back the ownership of his/her property pledged with the trustee. If not, the trustee can exercise his legal power to sell/liquidate the asset to repay the loan amount to the beneficiary/lender. In simple word, deed of trust authorizes the trustee to recover the loan paid by the creditor/lender.

What is a Release of Deed of Trust?

In a situation where a borrower refinances a new loan to pay off the previous loan, the prior lender would need to release the deed of trust to the new lender enabling him/her to file fresh Deed of Trust for the new loan. This process is known as Release of Deed of Trust.

How to transfer the original deed of the property and then assign the Deed of Trust?

It is done by drafting a new deed which needs to be filed with the records office showing the transfer of ownership of a particular property to a new owner. It enables the new owner all the rights to collect the debt. This process of transfer of deeds is same in case of both warranty deed and quit claim deed.

What are steps to initiate foreclosure proceedings? How long does it take to finish the process? Can it be done without a legal representation?

Yes many times you can move forward with the foreclosure proceedings without legal representation. It generally takes 60 days but could take longer depending on the circumstances. The creditor/lender has to introduce a third party/ trustee to conduct the foreclosure. The substitution of trustee document signed by both the lender and third party would need to be submitted with the Register of Deeds. The process starts with notice of hearing. You might need to file a petition in some states as per their rules and regulations. A clerk of a superior court holds hearing where the trustee has to prove vital points such as the existence of a valid debt, a default, a right to foreclose under the prescribed norms, proof of the notice of hearing being served to all the parties involved and a notice of sale.

Once the court finds the trustee’s claim to be genuine, it normally grants the trustee to sell the property. The trustee has to post the notice of sale at the court house at least 20 days prior to the sale date apart from putting the same in local news papers once in week for at least two successive weeks before the sale. The notice of sale also needs to be served to all the parties involved. Finally, the trustee forecloses the property in a public auction.

In the U.S, many states allow Deed of Trust; where as many of them acknowledge mortgage. It is a complex issue and one should be well informed prior to filing to gain knowledge of the legal clauses and to safeguard the personal interest regarding deed of trust. It is always better to ask an Expert who can answer questions with full knowledge.

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Recent Deed of Trust Questions

  • This is about a real property in Las Vegas, NV that was foreclosed

    This is about a real property in Las Vegas, NV that was foreclosed early this year, sold by the trustee (NDSC), disbursed funds to the beneficiary to pay debt. There's surplus funds from the sale.
    The defendants: AMS (alive, husband), AFS (wife, deceased) and BF, brother of AFS, still living.
    Plaintiff wants, First Cause of Action (Interpleader of Funds), to disburse funds in accordance with NRS 40.462. On Second Clause of Action, it's Declaratory Relief. Need written reply to Complaint.
  • I have a note and deed of trust (25 year originated 11/23/2005)

    I have a note and deed of trust (25 year originated 11/23/2005) through an Idaho Bank on a SBA loan requiring the first 4 months being interest only then next 3 years prime (6.75%) plus 2% then adjustments yearly with prime plus 2% for the remainder of the loan. My wife and I had been paying the same rate at 8.75% ever since we originated the note. Also during the time the bank had the loan, we had paid 8 monthly payments were we had no principal added, all went to interest. We have been in negotiations with the bank prior to me reviewing the Note and Deed of Trust and bringing this error to their attention.
    What recourse do we have. How do we default to the bank? Would this be a case of unjust enrichment?
  • I AM RENTING A ROOM.I PLAN ON GOING ON VACATION AND THE PERSON

    I AM RENTING A ROOM.I PLAN ON GOING ON VACATION AND THE PERSON I AM RENTING FROM HAS BEEN DEALING WITH BANK OVER FOURCLOSE.IF IT SHOULD TAKE PLACE AND SHERIFF SERVES EVICTION AND I AM OUT OF COUNTRY WHAT COULD HAPPEN TO MY POSSESIONS
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