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Mississippi Substitution of Trustee and Notice of Sale

Substitution Notice

Name: Mississippi Substitution of Trustee and Notice of Sale
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.82 (252 reviews)

Category:

Mississippi Real Estate - Foreclosures

State:

Mississippi

Control #:

MS-60720

Format:

Instant download

Description

Substitution of Trustee; Notice of Sale: This is a Mississippi form to be used in a Substitution of Trustee cause of action. A Substitution of Trustee claim is filed when the original Trustee is a beneficiary to the Deceased's estate and an additional, or subsitution, is requested by other heirs to the estate. In addition, a Notice of Sale notifies the public that a sale of property belonging to the estate is eminent. This form is available for download in both Word and Rich Text formats.

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FAQ

A trustee manages property that is held in trust.A trust is an arrangement in which one person holds the property of another for the benefit of a third party, called the beneficiary. The beneficiary is usually the owner of the property or a person designated as the beneficiary by the owner of the property.

The trustee will then issue a reconveyance deed, which gives the legal title of the property to you.Instead, the original trustee, or sometimes the loan servicing company, will appoint a new Substitute Trustee to handle the foreclosure. To do this, they must file an Appointment of Substitute Trustees.

In a nutshell, the Substitution of Trustee and Deed of Reconveyance is a legal document that evidences security interest is being release by a lender.If the bank chooses to appoint a new trustee at the time the loan is paid and/or the obligation is satisfied, they will substitute a new trustee.

The trustee is a neutral third-party who holds the legal title to a property until the borrower pays off the loan in full. They're called a trustee because they hold the property in trust for the lender.In this case, the trustee would likely sell the property in order to repay the loan.

A Substitution of Trustee is a form filed when a successor trustee takes the place of a previous trustee. For example: if you assume a loan the Substitution of Trustee/Deed of Reconveyance is recorded in the name of the original borrower, not the current homeowner.

Executor & Trustee Guidelines.The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust. Both roles involve duties that are legally required.

A substitution of trustee is a legal document that provides public notice regarding a foreclosure. California is one of several states that allows for mortgage foreclosure through a private transaction called a trustee's sale.

In real estate, a trustee sale means the sale of real property through public auction.A trustee sale is typically the second-to-last step in the foreclosure process in a nonjudicial foreclosure state. In this case, after the auction is over, ownership of the property will be transferred to the highest bidder.

Substitution Notice

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