Doing A Substutute Trustee On A Sub2?

Have a house that we got sub2, put it in trust with business partner as the trustee, POA and beneficial interest to me. Split with partner, and have house now under contract to close next month. Do I need to do a subtstitute trustee to take ex-partner off and put my name in? How can I get him off the property? Please, anyone have advise on this? Thanks!

Comments(9)

  • bargain7625th October, 2007

    In a similar situation, my title company advised me to record the trust agreement, thus proving that I am the benificiary, and record and name the new trustee.

    Talk to a title person in your town to see if the same situation applies.

    Hope this helps.
    [addsig]

  • bgrossnickle25th October, 2007

    My title company wanted me to get a new warranty deed to trustee recorded. The old trustee has to sign the deed naming the new trustee.

    As Bargain76 said, talk to your title company.

    Look through your trust agreement and see how a new trustee is named. Does it clearly state in the trust that the beneficial has the authority to name a new trustee?

  • raleighagentinvestor25th October, 2007

    I got the matter resolved by appointing new trustee.Will keep you posted when i close on the property. Thanks for all the replies

  • cjmazur25th October, 2007

    what do the trust document say about replacing or successor trustees?

  • cjmazur19th October, 2007

    as for permission from the lender for the transfer.

  • 4e6zbi10219th October, 2007

    Quote:
    On 2007-10-19 18:23, cjmazur wrote:
    as for permission from the lender for the transfer.

    How would that help? The issue is abusive or incompetent servicing, not Due On Sale.

  • cjmazur23rd October, 2007

    there are pretty of firm rules that protect consumer from servicers.

    If you had the right to do the transfer, you or the buyer could avail themselves of these protections w/o fear of having to hide in the shadows.

  • Cherick30th October, 2007

    When asking for consent from the lender, how do you position yourself?
    I am in the process of doing a S-2 and realized that on the reinstatement paperwork that was sent over, it states that if the property was sold or transferred without lenders prior written consent., they could call the loan due. I did get the POA from current owners. Please respond ASAP!

  • linlin31st October, 2007

    You can use the date the check was cashed to verify date of receipt or send it certified to get a signature.
    I only have 2 sub to but I put them on automatic payment and have had no problems. I have never spoken to the servicer and I cannot think that they give subtos so much focus. If a servicer has shady practices it is usually across the board.

Add Comment

Login To Comment