Deed of Trust

Archive for January, 2011

Question: purchasing condo reviewed the estimated closing statement. $30.00 chrg 4 Grant Deed & $100 4 Trust Deed Why?

I am purchasing a condo I just reviewed the estimated closing statement. There is a $30.00 charge for a Record Grant Deed and also a $100.00 charge for Record Trust Deed. Why do I need both? Or do I ?

Answer: The deed is the evidence that you are the owner and the recording fee is what the county recorder charges to "make it public record".

The Trust Deed is more complicated, is it the instrument (the legal device) that attachs the loan you have to the property since the condo is security for the loan. If you pay off the loan then the Trust Deed goes away. The grant deed never goes away until you sell it.

If you put another loan on the property, like a second, or a line of credit, then you have to pay for another Trust Deed.

How Trustee Sales Work (Part 2)

Question: What do all these deeds of trust/reconveyance/successor trustee, etc. mean? Does this sound legitimate?

What do all these deeds of trust/reconveyance/successor trustee, etc. mean? Does this sound legitimate or fishy? I
This is for one little rambler, since 1997 til now, 18 different listings on the recorder's office for the current occupant. What did the owner do to have 18 different listings in 13 years? Can you explain in lay terms?

Answer: Means the original mortgage lender sold the mortgage to Pioneer who sold to Lynnwood who sold to Norwest and so on down the line. Mortgage lenders would bundle up 4 good mortgages with 6 bad ones and sell to another lender. Over a 30 yr period this happens a lot.

Deed is gone

Question: If a Deed of Trust is paid off no matter who paid it, for example if i paid off my brothers Deed of Trust with

my own money can the lender still put the loan into foreclosure?

Answer: No, the lender cannot put the loan into foreclosure if you pay off the mortgage for him. If the loan is currently in foreclosure you will wind up with lawyer's fees on top of the outstanding loan amount to pay it off. You may be able to negotiate down those fees or get rid of them altogether, but not without a fight and a solid offer to pay off the lender.

What To Expect When Getting A Mortgage - Peg Maloney Re/Max