Texas Deed of Trust and Trustee

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violetsrbluexo

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Post Posted: Thu Nov 29, 2007 12:29 am    Post subject: Texas Deed of Trust and Trustee
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In the state of Texas who is designated as the trustee of the deed of trust?
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Icon Mini Profile larry





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Post Posted: Thu Nov 29, 2007 4:10 am    Post subject:
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Hi violetsrbluexo,

Welcome to this forum.

Trustee is a legal term. The deed of trust authorizes a person designated as the trustee. The Trustee has the authority to even sell the property if a default takes place.

Thanks,
Larry
Icon Mini Profile jenkin7





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Post Posted: Thu Nov 29, 2007 4:54 am    Post subject:
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Hello Violet,

In Texas, the deed of trust is also equivalent to the mortgage. In such cases, the trustee could be a the title company which gets the title of the property from the seller, or a neutral third party, or the lender himself.

If there's a mortgage default by the borrower, the trustee is authorized to sell off the property and pay the lender and this does not involve the court for the formal procedures of a foreclosure.
Taylor

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Post Posted: Mon Dec 03, 2007 12:09 pm    Post subject:
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The state does not designate a Trustee on a Deed of Trust. The trustee is decided by the parties. It can be any competent person. As stated above, it is usually the title company.
Brenda

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Post Posted: Sat Feb 14, 2009 7:36 am    Post subject: Deed of trust in texas and promisory note
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A friend is in a situation where his wife got a house in her name and used his credit to do it he never signed anything yet his name is on the deed of trust...they r divorcing and he wants to know how this will effect him if she defaults?
Icon Mini Profile adonis
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Post Posted: Mon Feb 16, 2009 1:43 am    Post subject:
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Welcome Brenda,

If your friend's name is on the mortgage doc, then his credit will be affected if his wife defaults the loan. Moreover, the lender will come after him in order to recover the debts.

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May

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Post Posted: Wed Feb 25, 2009 7:01 pm    Post subject: Deed of Trust on document-is it JTWROS in Texas
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If both our names, "Bill J. Williams, May A. Williams, his wife" is on the Deed of Trust. What does this mean? Community property or JTWROS in Texas?
Ana

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Post Posted: Wed Feb 25, 2009 10:09 pm    Post subject:
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As both of you have your names on the deed of trust, it means that both of you are the joint borrowers of the mortgage.
latosha manning

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Post Posted: Fri Apr 17, 2009 8:18 pm    Post subject: trustee
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can the trustee be someone other than a title company
latosha manning

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Post Posted: Fri Apr 17, 2009 8:19 pm    Post subject: deed of trust-trustee
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whom else can be the trustee...besides the title company
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Post Posted: Mon Apr 20, 2009 5:53 am    Post subject:
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an attorney
dhn121

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Post Posted: Wed May 06, 2009 9:36 pm    Post subject:
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whose side is the deed of tyrust on? the bank or the home owners?
RedBeard

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Post Posted: Fri May 08, 2009 11:22 am    Post subject: Must a Trustee be a third party?
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Can you point to Texas Code where it states that the trustee must be a neutral, third party?

I ask because my friend is about to be foreclosed on pursuant to Texas Property Code 51.002... upon closer inspection of the Security Instrument (Deed of Trust) we found that Ameriquest named itself as Lender AND Truestee.

We believe this is a conflict of interest and would like to find some citation in Texas Law proving that the Lender cannot also be the Trustee.

Thanks.
Icon Mini Profile jenkin7





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Post Posted: Sat May 09, 2009 3:13 am    Post subject:
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Hi RedBeard,

As far as I know, a lender can also be a trustee. The lender is also given the rights to replace the trustee on the deed of trust with a substitute trustee. However, if you have any doubts regarding the validity of the foreclosure you should consult a foreclosure attorney.
Susan Olivia

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Post Posted: Mon Jun 15, 2009 8:22 pm    Post subject: Deed of Trust
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If your ex-husband buys a home and uses your pay stubs and employment to help him get the loan and you are the Deed of Trustee what does that mean, will it be on my credit report that I the ex-wife own the home as well. We are still living together. Please Help answer this?
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