I don't see a problem using a form where a trustee's name has been inserted. I know title companies that provide free forms that name themselves as the trustees. Some people might for convenience refer the case to them for trustee's sales when the time comes to do the foreclosure. All you need to execute is the Substitution of Trustee to replace the existing named trustee with the one you're going to hire to do the foreclosre when you're ready to foreclose.
I hope that helps you.
I am the owner. I own this property free and clear. I know this form is the right one since it was used twice before to secure loans where I was the Trustor.
My question again is, in this form, there are 3 parties, the Trustor, the Trustee and the Beneficiary. Trustor = Myself, property owner, Beneficiary = who is giving me the money, and Trustee is the escrow company. What should the Trustee be if there is no escrow company?
Lets see if there are any real experts here :) I am grateful for your consideration.
There seem to be a few facts missing so I am hesitant to comment on your scenario (mainly, I am not certain whether you are the owner of the property), but I would advise you to contact a real estate attorney. I have the names of a few wonderful ones if you would like. Please let me know and I will be happy to forward them to you.
IF I UNDERSTAND your question:
A property must be paid full the title can't be transfer title .
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors