People also ask
What does substitution of trustee mean?
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 the difference between a release and a reconveyance?
When the loan is paid off, the Lender is supposed to record a statement that the loan was paid on the property. This is a \u201crelease\u201d (called a Reconveyance form in California). So when the Reconveyance is recorded with the correct information on it it releases the Deed of Trust obligation that was recorded earlier.
What is a substitute trustee deed Texas?
Substitute Trustee. The person or persons 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.
What does it mean full reconveyance?
When a deed of trust/mortgage is paid in full, you can record a Full Reconveyance from the trustee stating publicly that the loan has been paid. The Full Reconveyance Form is completed and signed by the trustee, whose signature must be notarized.
What is a trustee in a mortgage?
A deed of trust has a borrower, lender and a \u201ctrustee.\u201d The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower. In most cases, the trustee is an escrow If you don't repay your loan, the escrow company's attorney must begin the foreclosure process.
substitution and reconveyance form