Deed of Trust

Archive for October, 2008

Question: removing a name on the title of a home after death?

My sister put my parents name on the the title of their house as john and jill etc. but forgot to put joint tenants and my father has passed away my father left a living will but that doesn't help my mom wants the house in her name only and will have a living trust made up to make sure all her 9 children get an equal part but how do we get my fathers name off the deed without going into probate this is what my mother doesn't want.please help she is in nevada.

Answer: You have to go to your city or county court house and fill out a form called a quick claim, provide them with a copy of the death certifict and pay a small fee....they will then process the claim and in a few weeks time they will issue a new title with only you mothers name on it.

Learn how Nevada's foreclosure laws could impact your home and family

Question: Deed of Trust foreclosure?

I want to buy a foreclosure; starting bid 70,000 the deed for this loan was signed for in 2001, there is a second Deed of Trust for 50,000 in 2005. Would I be responsible for the second if I bought the first? I was told I would only be responsible for the 2001 deed I am buying and any loan or lien prior, or "senior" to that 2001 date. Is this true? What is the definition of a senior loan?

Answer: A Deed of Trust is what actually allows lenders to recover from the borrower using a trustee. So depending on what is the actual market valuation of the property we cant comment if its really a good buy. However on the matter of a senior lien the fact that a lien is noted earlier in time (before another lien) does not mean that it is the 'senior lien'. A senior lien takes precendence of payment over all other liens, known as junior liens. Now as long as you pay off the senior lien then you are entitled to take possession of the property, that being the case employ the services of an attorney to investigate if there are any other lien holders that are claiming senior status. This can preclude you from entering a long legal process after paying your cash. Learn more on Deed of Trust at: http://bestrealestateagents.info/2007/11/11/deed-of-trust-foreclosure/

Add new beneficiaries to your trust?

Question: this property is in a auction bank file a Deed of Trust house is in auction still pay rent?

please help me land lord want to collect rent first auction was on 6/8/2009 I pay my rent that month and he want me to pay this month all so

Answer: As long as the landlord is the legal owner of the home, you must continue paying rent. Once a new owner has completed the sale, you may either have to vacate or, if the owner continues the lease, you would then pay rent to that person.

Bill & Dwan Twyford Ask: Are you an UNDERWATER homeowner or investor?