California Sample Letter regarding Cancellation of Deed of Trust
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How to fill out Sample Letter Regarding Cancellation Of Deed Of Trust?
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FAQ
What is a trustor vs trustee? In a deed of trust, a trustor is the borrower and the trustee is a third party that holds the property's title. The trustee is entrusted with the title and the right to sell the property if the trustor defaults on the loan.
Generally, the trustee must be an attorney, title insurance company, trust company, bank, savings and loan, credit union, or other company specifically authorized by law to serve as a trustee.
The ?Trustor? is the person who borrowed the money (the Payor of the Note) The ?Beneficiary? is the person who is lending the money (the Payee of the Note) The ?Trustee? is the neutral 3rd party who will issue the release of the loan once it is paid in full.
Trustor: This is the borrower. Trustee: This is the third party who will hold the legal title to the real property. Beneficiary: This is the lender.
With a deed of trust, the lender gives the borrower the funds to make the home purchase. In exchange, the borrower provides the lender with a promissory note. The promissory note outlines the terms of the loan and the borrower's promise (hence the name) to pay.
There's a significant difference between being a beneficiary or trustee of a trust. If you're named as a beneficiary then you stand to benefit from the assets in the trust. On the other hand, if you're the trustee it's your job to manage those assets ing to the wishes of the trust creator.
