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What does substitution of trustee mean?

The Substitution of Trustee document is utilized when the beneficiary (lender) determines a need to change the trustee under a recorded deed of trust.

What is substitution of trustee and full reconveyance mean?

A document known as a substitution of trustee and full reconveyance identifies the person who has the authority to reconvey the property and remove the lien. Most importantly, a deed of full reconveyance, known as a satisfaction of mortgage in some states, transfers title back to the borrower.

Why did I receive a full reconveyance letter?

Whether you get a deed of reconveyance, a full reconveyance or a satisfaction of mortgage document, it means the same thing: your loan has been paid in full and the lender no longer has an interest in your property. With your mortgage or deed of trust paid off, you cannot be foreclosed on by a financial institution.

What is a substitution of trustee document?

A substitution of trustee simply names a new person to take over that position, as well as a secondary trustee if necessary. A substitution of trustee and full reconveyance serves two purposes: It enables a lender (such as a mortgage company) to appoint a new trustee. It allows the new trustee to release the lien.

What is substitution of trustee?

The Substitution of Trustee document is utilized when the beneficiary (lender) determines a need to change the trustee under a recorded deed of trust.

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