InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Ward...one more :-) Posted by zachary on May 26, 2003 at 1:11 PM In Reply to: Why it doesn't happen.... posted by Ward-CA- on May 26, 2003 at 8:27 AM : : : Ward, : : If the trustor (original seller) has the right to cancel the trust then what stops them from doing so at some point before you can sell the property. : : The property has been grant deeded to the trustee, what happens if the seller then cancels the trust? : : Even when the benificial interest is signed over to me the trustor still remains as the seller so can they cancel the trust? : : thanks : : Zachary : =•=•=•=•=•=•=•=•=•=•=•= : Zachary, : The sale of a trust’s beneficial interest makes the trust irrevocable by the trustor. : The trustor can revoke the trust up to the point where the beneficiary formally sells their beneficial interest (via an assignment of beneficial interest in trust-ABI) to a third party. The ABI is executed by three parties: : 1. The selling beneficiary (whose signature(s) are notarized); : 2. The buyer of the beneficial interest; and : 3. The currently acting trustee of the trust. : Furthermore, though the ABI isn’t recorded, the trusteeship of the trust is transferred, via a recorded deed, from the current trustee to a successor trustee that’s designated by the new beneficiary of the trust. : I can also report that in over twenty years, I’ve never had a trustor even attempt to reverse the sale of his trust to me. Nor have any of my trust trainees ever called me to report such an attempt. __________________________ Ward, Ok that brings up another question:-) Ok so a deed is recorded twice. 1- from seller to trustee of trust, with seller as the grantor and named as the beni in the trust agreement 2- after the ABI is signed from beni to buyer of Beni intrest So who acts as the grantor on the recorded deed? the original trustee? if so the new trustee should be different right? Is it the original beni (seller) who transfers..to the new trustee? 3- Is a new trust agreement written between the new beni and the new trustee? thanks Ward!! Zachary Follow Ups: Somehow I don't think so... Ward-CA- 4:54 PM, 05/26/03 (3) Ward....confused!! zachary 10:07 PM, 05/26/03 (2) Just bear with me this one last time... Ward-CA- 0:09 AM, 05/27/03 (1) Thanks Ward...I was reading into it to much ;-) zachary 8:16 AM, 05/27/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : : : Ward, : : : If the trustor (original seller) has the right to cancel the trust then what stops them from doing so at some point before you can sell the property. : : : The property has been grant deeded to the trustee, what happens if the seller then cancels the trust? : : : Even when the benificial interest is signed over to me the trustor still remains as the seller so can they cancel the trust? : : : thanks : : : Zachary : : =•=•=•=•=•=•=•=•=•=•=•= : : Zachary, : : The sale of a trust’s beneficial interest makes the trust irrevocable by the trustor. : : The trustor can revoke the trust up to the point where the beneficiary formally sells their beneficial interest (via an assignment of beneficial interest in trust-ABI) to a third party. The ABI is executed by three parties: : : 1. The selling beneficiary (whose signature(s) are notarized); : : 2. The buyer of the beneficial interest; and : : 3. The currently acting trustee of the trust. : : Furthermore, though the ABI isn’t recorded, the trusteeship of the trust is transferred, via a recorded deed, from the current trustee to a successor trustee that’s designated by the new beneficiary of the trust. : : I can also report that in over twenty years, I’ve never had a trustor even attempt to reverse the sale of his trust to me. Nor have any of my trust trainees ever called me to report such an attempt. : __________________________ : Ward, : Ok that brings up another question:-) : Ok so a deed is recorded twice. : 1- from seller to trustee of trust, with seller as the grantor and named as the beni in the trust agreement : 2- after the ABI is signed from beni to buyer of Beni intrest : So who acts as the grantor on the recorded deed? the original trustee? if so the new trustee should be different right? : Is it the original beni (seller) who transfers..to the new trustee? : 3- Is a new trust agreement written between the new beni and the new trustee? : thanks Ward!! : Zachary 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455