New Blog 1: Substitution Of Trustee And Reconveyance

Thursday, 13 December 2012

Substitution Of Trustee And Reconveyance

A substitution of trustee and full reconveyance documents help facilitate the release of a mortgage lien from your home or other real estate. The full reconveyance document releases your mortgage lender's lien from your property and reconveys your property to you, free and clear from the mortgage. The substitution of trustee gives the person signing the full reconveyance the authority to actually reconvey the property and release the mortgage lien. Mortgage lenders make mistakes, and those mistakes could result in your property remaining subject to the mortgage lien. You need to verify that the mortgage lender has crossed all the i's and dotted all the t's. Verify that the lender has actually signed the substitution of trustee and has identified the correct person as the new trustee. The person identified in the substitution of trustee should be the same person who signs the full reconveyance document. If there is a discrepancy, then you will need to get your mortgage lender to resolve the discrepancy. Both the substitution of trustee and the full reconveyance will include a legal description of your property. It is a good idea to verify that the legal description in the substitution of trustee matches the legal description in the full reconveyance. Even more important, make sure both descriptions match the legal description in the original deed of trust that you signed with the mortgage lender.