Mississippi Substitute Trustee Deed
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How to fill out Mississippi Substitute Trustee Deed?
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FAQ
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.
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.
A warranty deed protects property owners from future claims that someone else actually owns a portion (or all) of their property, while trustee deeds protect lenders when borrowers default on their mortgage loans.
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.
A Trustee's Deed Upon Sale, also known as a Trustee's Deed Under Sale or a Trustee's Deed is a deed of foreclosure. This deed is prepared after a property's foreclosure sale and recorded in the county were the property is located.The property may be in default on taxes, have mechanic's liens and/or other encumbrances.
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.
A trustee deedsometimes called a deed of trust or a trust deedis a legal document created when someone purchases real estate in a trust deed state, such as California (check your local laws to see what is required in your state). A trust deed is used in place of a mortgage.
After the mortgage is made, however, amend the trust and appoint an alternate or successor trustee before deeding the property back to the trust if desired. This will effectively remove the original trustee and replace her with the alternate.
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.