Can a substitution of trustee and full reconveyance be used?
Can a substitution of trustee and full reconveyance be used?
Full Answer. The trustee then executes a full reconveyance. The trustee sends a copy of the reconveyance to the beneficiary and delivers the original deed of trust and promissory note to the trustor. However, if the loan is fully paid and the trustee doesn’t execute a full reconveyance, the beneficiary is allowed to use the substitution…
What should I do after I obtained the substitution of..?
The person identified in the substitution of trustee should be the same person who signs the full reconveyance document. If there is a discrepancy, then you will need to get your mortgage lender to resolve the discrepancy.
Who is the third party in a full reconveyance?
The third party is the trustor, the individual or organization that borrowed money to purchase the property. When the loan is paid in full, the lender is required to deliver to the trustee the promissory note, deed of trust and a request for full conveyance, Wei states. The trustee then executes a full reconveyance.
Who is the beneficiary of a deed of trust?
The lender issues a promissory note, and the entire transaction is recorded in a legal instrument known as a deed of trust that involves three parties. The first party, known as the beneficiary, is the individual or institution that lent money to purchase the property in question, Wei explains.
Full Answer. The trustee then executes a full reconveyance. The trustee sends a copy of the reconveyance to the beneficiary and delivers the original deed of trust and promissory note to the trustor. However, if the loan is fully paid and the trustee doesn’t execute a full reconveyance, the beneficiary is allowed to use the substitution…
The person identified in the substitution of trustee should be the same person who signs the full reconveyance document. If there is a discrepancy, then you will need to get your mortgage lender to resolve the discrepancy.
The third party is the trustor, the individual or organization that borrowed money to purchase the property. When the loan is paid in full, the lender is required to deliver to the trustee the promissory note, deed of trust and a request for full conveyance, Wei states. The trustee then executes a full reconveyance.
The lender issues a promissory note, and the entire transaction is recorded in a legal instrument known as a deed of trust that involves three parties. The first party, known as the beneficiary, is the individual or institution that lent money to purchase the property in question, Wei explains.
How does a full reconveyance of a promissory note work?
When the loan is paid in full, the lender is required to deliver to the trustee the promissory note, deed of trust and a request for full conveyance, Wei states. The trustee then executes a full reconveyance. The trustee sends a copy of the reconveyance to the beneficiary and delivers the original deed of trust and promissory note to the trustor.
What happens when a reconveyance is not recorded?
Situations in which the reconveyance is not recorded are more common than you might think. It can happen when someone makes a mistake during the transfer of funds, or during the preparation of the beneficiary demand (the amount on a loan to be paid to pay in full).
When the loan is paid in full, the lender is required to deliver to the trustee the promissory note, deed of trust and a request for full conveyance, Wei states. The trustee then executes a full reconveyance. The trustee sends a copy of the reconveyance to the beneficiary and delivers the original deed of trust and promissory note to the trustor.