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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Getting around the need for a bond . . Posted by Ward-CA- on March 07, 2002 at 6:33 AM In Reply to: posted by Alfred, Trainee on March 06, 2002 at 4:16 AM : Ward, : If the original promissory note is lost , you mention in your manual to avoid having to post the bond you can substitute self as TTEE and issue the reconveyance. I'm not clear on this... could you explain this a bit more? Thanks in advance. =•=•=•=•=•=•=•=•=•=•= Alfred, one workaround for a lost promissory note is to buy a bond that will insure the buyer that if someone else shows up with the original and claims ownership of it that the bond will hold you harmless from any liability in the matter. Well, the problem with such bonds is that they are quite expensive, and they take quite a while to secure. So a much simpler solution is to have the owner of the lost note create an affidavit with an appended copy of the note, attesting to the fact that the original was irretrievably lost. The next step is to fill out a Substitution of Trustee form and record it, making the new owner of the note the successor trustee of the companion deed of trust. Thus when the note is paid off the current owner is also the trustee and so doesn’t have to require the original as a perquisite to issuing the Reconveyance. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : If the original promissory note is lost , you mention in your manual to avoid having to post the bond you can substitute self as TTEE and issue the reconveyance. I'm not clear on this... could you explain this a bit more? Thanks in advance. : =•=•=•=•=•=•=•=•=•=•= : Alfred, one workaround for a lost promissory note is to buy a bond that will insure the buyer that if someone else shows up with the original and claims ownership of it that the bond will hold you harmless from any liability in the matter. : Well, the problem with such bonds is that they are quite expensive, and they take quite a while to secure. So a much simpler solution is to have the owner of the lost note create an affidavit with an appended copy of the note, attesting to the fact that the original was irretrievably lost. The next step is to fill out a Substitution of Trustee form and record it, making the new owner of the note the successor trustee of the companion deed of trust. Thus when the note is paid off the current owner is also the trustee and so doesn’t have to require the original as a perquisite to issuing the Reconveyance. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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