Land Trust Trustee Vs. Foreclosure Trustee
How would you best describe the difference between foreclosure trustee and the (land) trust trustee?
How would you best describe the difference between foreclosure trustee and the (land) trust trustee?
Best description: The difference between night and day.
The foreclosure Trustee will be directing the sale of the property in default. This Trustee's duties usually begin with the transfer of power from the Trust Deed's Trustee to the foreclosing Trustee by a document called , 'Substitution of Trustee" . The foreclosure may actually be carried out by others but its under the supervision of the 4closure Trustee.
The land trust Trustee takes a very passive role. This Trustee holds title (legal and equitable) and acts only on the directions (written) of the Beneficiary(ies).
In some parts of the country a land trust is known as a "title holding trust" because that's its primary function-at least on the surface..
Thank you Sammy,
I was more interested in difference of duties beside obvious and why don't we see more of the one type of companies handling the other type of trusts? For example, I rarely se Chicago Title and trust being the bank 4closure trustee, ETC. ETC.