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California Deed Of Trust Article
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Deeds of Trust
from:Deeds of trust are very commonly used in the purchase of a home or real estate. Many may not be aware of the fact that deeds of trust are different from mortgages. Although they may be similar, they are still not the same thing. The main difference between deeds of trust and mortgages is that deeds of trust involve a trustee that handles everything. A mortgage is the actual description of the real estate that you own or are purchasing. If you had to take out a loan to purchase the property, the lender will have a lien on your property until the loan is paid off. A lien means that the lender and you both own the property until the loan is paid in full. If you default on the loan agreement, the lender can foreclose and take the property from you and sell it as they see fit.
Deeds of trust, which is the security on your loan, are the documents that are recorded either at a title company or some other office of public records. Deeds of trust involve three different parties. They involve you, the buyer and often referred to as the trustor. They involve the beneficiary, which is the bank or lender and they involve the trustee. The trustee is the entity or person that holds the title of the property until the loan is paid off. In most cases, the title is held by a title company, although occasionally the seller of the property may also hold the title or deed.
Whether you are the buyer or the seller, deeds of trust must contain certain information. Most importantly, the must contain the amount of the loan, the parties involved in the transaction and the legal description of the property or real estate that is being used as collateral for the mortgage. Legal descriptions must be very detailed and extremely accurate. Many mortgage loans that found themselves in a court of loan for default of payment were questioned because of an inaccuracy of the legal description. In some of these cases, the borrower was not able to foreclose on the property because of a small discrepancy in the legal description.
Other important information that must be on deeds of trust are the dates the loan was started as well as the maturity date, any provisions or requirements of the mortgage, late fee amounts, acceleration clauses, prepayment penalties, interest rate terms and all possible legal procedures.
The trustee is the one that will handle any problems involving the deeds of trust such as late payments, taking care of the satisfaction when the loan is paid up, foreclose for default of payments and holding the title.
California Deed Of Trust Specific links
California Deed Of Trust News
MERS Has Power To Assign Interest in Deed of Trust, California Appeals Court Rules - JD Supra (press release)
MERS Has Power To Assign Interest in Deed of Trust, California Appeals Court Rules JD Supra (press release) by Ballard Spahr LLP on 5/22/2012 The California Court of Appeal has ruled that the Mortgage Electronic Registration Systems, Inc., or MERS, has the power, as nominee beneficiary, to assign its interest under a deed of trust. In its May 17, 2012, ... |
New Title Transfer Service for Californians Owning Hawaiian Timeshares - San Francisco Chronicle (press release)
New Title Transfer Service for Californians Owning Hawaiian Timeshares San Francisco Chronicle (press release) ... trust or for post-death trust administration. DeedAndRecord.com is an independent service for quit claim deeds to change ownership or title of timeshares in Hawaii without using escrow, title insurance or probate. Irvine, California (PRWEB) May 20, ... |
Borrower's "Show Me The Note" Argument Fails To Halt Foreclosure - JD Supra (press release)
Borrower's "Show Me The Note" Argument Fails To Halt Foreclosure JD Supra (press release) Trust Co. (Cal.App. 6 Dist., 2012) --- Cal.Rptr.3d ----, 2012 WL 883128, the California Court of Appeal affirmed the dismissal of a complaint for wrongful foreclosure with prejudice, holding that a beneficiary under a deed of trust need not possess the ... |
New Online Service, Transfer Real Property into a Living Trust by Quit Claim ... - San Francisco Chronicle (press release)
New Online Service, Transfer Real Property into a Living Trust by Quit Claim ... San Francisco Chronicle (press release) California real estate property not in a trust is at risk for probate. Website, DeedAndRecord.com, prepares and records quit claim deeds to transfer real property into a Living Trusts. Irvine, CA (PRWEB) May 13, 2012 DeedAndRecord.com provides new ... |
Public Notices, May 17 - San Fernando Valley Sun
Public Notices, May 17 San Fernando Valley Sun YOU ARE IN DEFAULT UNDER A DEED OF TRUST DATED 7/18/2006. UNLESS YOU TAKE ACTION TO PROTECT YOUR PROPERTY, IT MAY BE SOLD AT A PUBLIC SALE. IF YOU NEED AN EXPLANATION OF THE NATURE OF THE PROCEEDING AGAINST YOU, YOU SHOULD CONTACT A LAWYER. |