Public Trustee Information
Use a public trustee for handling mortgage defaults, foreclosures and assistance to property owners facing foreclosureA public trustee is an appointed position. The individual appointed by a governor of a state to the office of public trustee handles foreclosures, mortgage defaults and assists homeowners facing foreclosure. Although not available in every state, the office of public trustee also serves as the neutral third party on a deed of trust. In the deed of trust, the property owner essentially transfers the property to the public trustee until they pay the balance owed on the property.
Public trustees serve at both the county and state level. The office of the public trustee in most areas provides information and help to property owners facing foreclosure or who have already defaulted on a mortgage. In some cases, another elected official, such as the country treasurer, also serves as the public trustee. Use a public trustee to:
1. Act as the third party for a deed of trust.
2. Get help for homeowners when facing a mortgage default or foreclosure.
3. Hold property for the deed of trust until the bower pays in full the amount owed.
Find a public trustee expert for public trustee information
Research your state's requirements for public trustee and the services they provideNot every state or country has a public trustee, and in some cases the public trustee serves more than one role in a state or country government. Research your state's offices for information about how to create public trustee documents required for a deed of trust transaction.
Work with an expert in real estate law for public trustee managementGetting the right public trustee advice before major life decisions is important, especially when those decisions involve the purchase or sale of real estate. The right real estate or transactional attorney helps buyers or sellers have the appropriate understanding of all parties involved before the closing.
- Be sure to check with your registrar of deeds when doing by owner types of transactions to find a public trustee to act as a third party when using a deed of trust.
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