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This is a legal question and I think itâ€™s best to seek the advise of an attorney, I am not an attorney. That being said, I have been a Realtor since 1988 and Broker since 1994, and this is not legal advice but here is my thought on it: never sign anything you are not sure of the consequences. Any document that pertains to the ownership of real estate is a very important document and should not be taken lightly, some documents are more important than others.
This is my understanding of â€œA substitution of trusteeâ€ is when the lender/Beneficiary has chosen a different company to be the trustee. The trustee is the one in charge of reconvening title or selling the property if the borrower doesnâ€™t pay. Sometimes the trustee and the beneficiary are the same.
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If you're no longer paying the mortgage as agreed, the outcome will likely be the same... you... out of the house.
Please speak with a licensed attorney or CPA prior to acting on my opinion.
If you are a co-borrower on this house, I strongly suggest you consider doing a short sale Or else your credit is also going to be wrecked & ask of Dec. 13th you wouldn't be able to purchase another Fannie Mae backed loan for 7yrs!
Even if he's the only one on the loan, he should still consider doing a short sale before allowing the bank to take it back. He probably got a letter asking for a Substitution of Trustee because the lender is now using a different trustee co. to handle the foreclosure process.
Please do call & talk to an attorney first before signing this or Anything you're not familiar with or feel free to shoot me an email directly if you have any other questions or concerns.
Sorry to hear about your situation.
Clearly, he is asking for you to be substituted, hence depending on whether your divorce is final or not, you
need to run it by your divorce attorney first who will refer you to a R E attorney.
If your divorce is final, then you need a RE Attorney.
But from what I understand you are a Trustee of a Property, where you have Trustors who cannot make payments to you and your Ex.
Once you give up Title, you have no claims to the property, unless you have properly written or drawn up
side agreements drafted by a lawyer.
However the situation changes if you are a Trustee and a Trustor.
For example, you are a joint Trustee of the property with your Ex, and you are living in the property
and not making your share of the payments as a Trustor and part of your divorce agreement.
In time either the 1st lien holder or 2nd or 3rd lien holder will bring court action and foreclose.
Thereafter your ex-husband can pay off the other primary liens or wipe out the 2nd and 3rd.
So maybe you need to explain who are the Trustors and who is benefiting from the property.
That kinda sucks. Best bet is to talk to a "REAL ESTATE ATTORNEY" and not a regular attorney.
This is not legal advice, but don't sign any documents before a real estate attorney reviewing it and discussing what the legal mumbo jumbo is.
Jes Sierra, B.Sc.
This would be your best route.
First Team Real Estate