Substitute Trustee's Deed

Substitute Trustee Person appointed by the current mortgagee or mortgage servicer to exercise the power of sale in lieu of the original trustee designated in the deed of trust. Simple Terms This is the person who conducts the sale at the foreclosure auction.

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.

After the Sale Once the trustee sale is complete, the property deed is recorded in the new owner's name. The winning bidder can take immediate possession of the property. If the previous owner or rental tenants are present, they must vacate the property and remove all personal belongings.

A Notice of Trustee's Sale informs homeowners and mortgage borrowers of record that their home will be sold at a trustee's sale on a specific date and at a specific location. The actual sale typically completes a non-judicial foreclosure in states allowing this type of foreclosure process.

A substitute trustee is a person named by the lender under the terms of the security instrument (deed of trust) to exercise the power of sale (Tex. Prop. Code § 51.0001(7)). The power to appoint a substitute trustee must be expressly designated by the lender in the deed of trust, otherwise the appointment is invalid.

Notices are entitled Notice of Trustee's Sale or Notice of Substitute Trustee's Sale. They provide information about the debt, the legal description of the property, and designate a three-hour period during which the sale will be held.

Party information: names and addresses of the trustor(s), trustee(s), beneficiary(ies), and guarantor(s) (if applicable) Property details: full address of the property and its legal description (which can be obtained from the County Recorder's Office)

Some owners are put off using solicitors duke to the deed of trust cost. Individuals can write out their own, and use someone else as a witness. However, this may have errors or not be a legally binding document. The investment of getting a deed of trust when buying a property is often worth it in the long term.