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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Trustee qualifications to process a foreclosure. Posted by Ward-CA- on March 14, 2002 at 8:11 AM In Reply to: being the trustee posted by Stephanie on March 14, 2002 at 7:39 AM : Ward, : You mentioned substituting yourself as a trustee and foreclosing. I like the idea, but I was under the impression that you had to be a bank, title company or attorney to process a foreclosure. I would think any errors in the processing could put the sale at risk of being challenged. Where could I learn the processing laws for Utah? : Also, when you use a title holding trust, do you set up a living revocable trust as the entity to hold the title? : This is a wonderful website! : Thanks : Stephanie =•=•=•=•=•=•=•=•=•=•= Stephanie, in CA anyone can be the trustee without qualification. Other states impose qualifications on who can act as the foreclosing trustee. In those states where there are trustee restrictions, they’re usually printed on the trust deed form itself, at the bottom of the first page. The foreclosure process, with all of the required steps for your state’s laws, is most easily adhered to by purchasing existing software made specifically for the task of processing foreclosures in your particular state. However, a quick trip to a local law library would get you the assistance you need (following the guidance of the resident research librarian) to find out the sequence of steps in the entire foreclosure process. I use the title holding trust to hold title to property and make my family’s living trust the beneficiary of the title holding trust. I will be soon using my LLC as the trustee of the title holding trust. Hope all this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : You mentioned substituting yourself as a trustee and foreclosing. I like the idea, but I was under the impression that you had to be a bank, title company or attorney to process a foreclosure. I would think any errors in the processing could put the sale at risk of being challenged. Where could I learn the processing laws for Utah? : : Also, when you use a title holding trust, do you set up a living revocable trust as the entity to hold the title? : : This is a wonderful website! : : Thanks : : Stephanie : =•=•=•=•=•=•=•=•=•=•= : Stephanie, in CA anyone can be the trustee without qualification. Other states impose qualifications on who can act as the foreclosing trustee. In those states where there are trustee restrictions, they’re usually printed on the trust deed form itself, at the bottom of the first page. : The foreclosure process, with all of the required steps for your state’s laws, is most easily adhered to by purchasing existing software made specifically for the task of processing foreclosures in your particular state. However, a quick trip to a local law library would get you the assistance you need (following the guidance of the resident research librarian) to find out the sequence of steps in the entire foreclosure process. : I use the title holding trust to hold title to property and make my family’s living trust the beneficiary of the title holding trust. I will be soon using my LLC as the trustee of the title holding trust. : Hope all this helps. 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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