Deed of Trust

Archive for the ‘Deed of Trust Basics’ Category

Question: Owner financing with an underlying bank lien in Texas?

I purchased a home via owner financing a few months ago. I have just found out that the seller is still paying on his mortgage. (being young and clearly very niave, I did not get a title search). I signed a Deed of Trust and the seller signed a Warranty Deed with Vendors Lien. Is it legal for him to sell me the house without disclosing that information? I have read and re-read the Deed of Trust and I cannot find anything that states that there IS a prior lien, just a couple hypothetical statements
I am seeing an attorney in a couple days. As of now, I am paying him directly. Is it possible to get out of the contract?
Mark, read section 5 of the Texas Property Code and THEN tell me that selling a property with a prior lien is 100% legal. Please only respond if you know what you're talking about.

Answer: Being young has nothing to do with it,there is nothing wrong with your deal. The person selling has every right to sell his house, the bank on the underlying mortgage is just that a ,mortgage. This is done every day in every state in the union, it is 100% legal to sell a home with a lien on it, it is well within your rights to contact a lawyer, but why do you want to , if the owner is preforming as they stated in the purchase and it sounds like they are.maybe your just getting cold feet and want out .
This type of deal is called a "subject to sale" meaning subject to the underling loan, now that we have that established the way out is to check with the bank that holds the note to see if they have a stipulation in his loan that is called a :due on sale clause" which means if it is in there that the owner must pay the note off if the property is sold, the bank might not tell you but the bank will call the note due and make him pay it off .

Above Average Rates of Return for 6mo-3yr Loans

Question: Do Children In Need Send Money Abroad?

I heared they do but on their site it says this...

Answer: They don't give money overseas because the BBC is British and they raise money for Britain. There are many other charities helping overseas such as comic relief which is coming up soon.

Question: has any one had a Trust Deed drawn up ?

when my boyfriend moved into my house with me with nothing but his clothes and a clapped out car ,i was concerned that if we split up he could claim half of my house and as i have two children i was worried so i had a Trust Deed that he signed but as i have found out to my cost it was not worth the paper it was written on.as he contested it .to cut a long story short it was a legal binding document ,i was told that when it went to court i would win but it would take approx 18months and a huge amount of money to get that far i supported him for years when he was out of work i even paid his child maintenance

Answer: I can't answer for U.S. Law, nor can I answer for your trust deed without seeing it, but going by your narrative I would ask your ex if the words "fuck off" hold any meaning fdor him. Given that the assets were yours prior to the trust deed, and depending on it's contents, his share of your property is approximately 0.00000000% (or at least it would be in the U>K> and I can't believe it wouldn't be in the U.S.)

Accountant sued over bank's blunder