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I live in California, already paid off the loan of my house & got a letter "Substitution of Trustee & Full Reconveyance". Why did I get this letter?
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∙ 11y ago
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Who must sign the reconveyance of a deed of trust?
trustee
What is a reconveyance deed?
In some states a mortgagor conveys the property to a trustee to hold title while the mortgage is outstanding. Reconveyence is the process by which a title to a property is returned to the owner on her request upon the fulfillment of conditions for which such title was assigned to the trustee. The document used to convey the title back to the owner is a reconveyance deed.
What is substitution of trustee?
Substitution of trustee is a legal process where the current trustee of a trust is replaced with a new trustee. This can be done for various reasons, such as the original trustee resigning, becoming incapacitated, or being removed due to misconduct. The new trustee assumes all the duties and responsibilities of the former trustee.
Who can amend the clauses of a deed of trust?
A deed of trust is the form for a mortgage in some states. Only the original parties to the transaction can amend it. Amending a deed of trust may require a reconveyance by the trustee.A deed of trust is the form for a mortgage in some states. Only the original parties to the transaction can amend it. Amending a deed of trust may require a reconveyance by the trustee.A deed of trust is the form for a mortgage in some states. Only the original parties to the transaction can amend it. Amending a deed of trust may require a reconveyance by the trustee.A deed of trust is the form for a mortgage in some states. Only the original parties to the transaction can amend it. Amending a deed of trust may require a reconveyance by the trustee.
What is a full reconveyance note?
A recorded document which gives notice that the loan secured by the identified deed of trust has been paid in full.
How do beneficiaries get a report from the trustee?
In writing, ask the trustee for a full accounting of the trust's activity. By law you are entitled to these documents from the trustee when requested.
Can the same person be both the beneficiary and the trustee of a blind trust?
No. The trustee has full control over the assets in the trust. In a 'blind trust' the trustee must be completely independent. If the beneficiary is the trustee then the trustee is not completely independent.
How can you find out the address of a property for which you received full reconveyance?
To determine the address of a property you should check the records at the tax assessor's office.
Where record a reconveyance?
county clerk of court
What is the difference between a Private Transfer Fee Covenant and a Reconveyance Fee Instrument?
There actually is no difference. A Private Transfer Fee Covenant is a Reconveyance Fee Instrument.
What is the breach of a contract mortgage by lender?
Your mortgage contract has a clause like this:23. Reconveyance: Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee. Trustee shall reconvey the Property without warranty to the person or persons legally entitled to it.When the mortgage originator sold your note did he do his duty and request the Trustee to reconvey the Property and surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee?I don't think so!This is a black and white breach of contract.
How do you file a deed of reconveyance in California?
It is important to hire the services of the real estate lawyers before filing a deed of reconveyance in California. They understand the law on the same and will be able to offer the best advice.
