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Trust Deed Questions

Trust deeds are commonly used deeds that use a trustee to hold title to the property until the note is satisfied. The difference between a trust deed and a mortgage is that the trust deed always includes three people; the lender, the borrower, and the trustee who holds the title of the property as security for the lender. With a mortgage, the mortgagee holds legal title directly after signing. To learn more about trust deeds, take a look below at the more commonly asked questions that have been answered by an Expert.

I have a $90,000 2nd trust deed note due to me in 2 months but I don't think the borrower can pay off the note. How can I collect when the note that is due if the borrower doesn't pay?

Generally, if a borrower fails to pay, your next step would be to foreclose on the house and sell it to pay your first trust deed. Once the first trust deed has been satisfied, you can use the remaining money to pay toward the second note. If the trust deed had a power of sale clause, you can sell the house without going through the formalities of court. If you choose to foreclose, you may want to speak with an attorney about assisting you through the process to avoid being in violation of any laws.

I have a second trust deed on my home in California and not made payments in 16 months. Can the holder of the note start foreclosure proceedings?

The holder of the note could start foreclosure proceedings at any time. However, what appears to be taking place is the second note holder has been waiting for the first note holder to make a move. While the second note holder could proceed with a foreclosure, there is a chance that the first note holder would attempt to buy out the second note holder's interest on the home. It may also be that the first note holder isn't prepared to foreclose on your home yet. Another possibility is that there is a delay at the bank. Many banks throughout California literally wait for months before sending default notices.

If an individual has a trust deed note and a second mortgage on five properties in Utah, if the individual is not getting any co-operation as to a payoff detail, what are the individual’s rights?

If you can manage to approach the note holder with all late payments, including interest, late fees, and other fees, you should be allowed to reinstate your loan. Actually, you would have approximately 90 after the sale has been recorded to make such an arrangement. Once the 90 days have passed, you still have absolute redemption for 3 weeks. This means you have 3 weeks to pay of the entire note, interest, late payments and attorney fees.

If a spouses parent hold the trust deed on a mortgage to an individual’s residence, and the parent is making the payment process difficult, what can the individual do? The first thing that you must do is make sure that your payments are made on time. If you can do this, the parent cannot change the note agreement and demand the entire amount of the note. When you send the payment, go through certified mail and request a notice from the post office when the parent signs for the letter. This will provide evidence that you are current and on time with your payments. There really isn't any legal way of making the parent easier to get along with.

If a trust deed and note are notarized on August 30, 2005, and the notary book shows that the document was created on August 29, 2005, but the actual origination date typed on the documents is September 1, 2005, does such a discrepancy render the trust deed and note voidable?

There may be a chance that the trust deed and note would be voidable due to the discrepancies. The fact the notary can notarize a document when it hasn't been created. There is too much inconsistency in the facts surrounding the trust deed to not wonder about the credibility of the document.

When buying property, people tend to get caught up in the excitement of the process. So many details to figure out and questions about lending choices arise early in the game. Often times, people are approached with the trust deed option from a lender. Many people are un-familiar with this type of load and have questions. If you want to know more about trust deeds, you should ask an expert. An Expert can explain the ins and outs of trust deeds and offer you a solution to your individual situation.

Ask a Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 8603
Experience:  JD, BBA Over 25 years legal and business experience.
4460311
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Recent Trust Deed Questions

  • My attorney failed to attend a status conference, where the

    My attorney failed to attend a status conference, where the plaintiff who did attend, filed a motion for summary judgement and it was granted. Since the attorney had his office as location of service, no further service was made to my residence, until the 5 day Notice to vacate was posted. There is a separate complaint that is at issue here, against the plaintiff that is set for November, 2 months from now. Is the inaction of the attorney sufficient reason to make a motion for stay of execution?
  • my husband violated our divorcee judgement by not following

    my husband violated our divorcee judgement by not following its terms..he did not assist and cooperate with me in refinancing a property I received in settlement, causeing me to end up in a lengthy litigation with bank for fraud in the mortgage...also, owed me a lump some on a property sold after divorce and convinced me to take a second trust deed on it..parties have since defaulted on second..also, he admitted to earning a large bonus which he didn't disclose before divorce was final..this is California..I am pro per..what is simplist way to file a motioon including all these issues to preserve some time limitations
  • We are trying to sell a house that has two parties on the grant

    We are trying to sell a house that has two parties on the grant deed. It also has a trust deed that shows three parties, two of which are deceased. The Tile company said that we will have to go to probate to remove the last trust deed party member? The other party member was removed with an afidavid in 1985. The second trust deed party member died in 1992 and was never removed. How do we fix the problem?
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