Legal Question in Real Estate Law in California

Re: Beneficiary of Trust Deed and Foreclosing

If the company acting as trustee went bankrupt, you may have to contact the bankrutptcy trustee assigned to the company's case. That trustee will have the power to sign the trust deeds over to you. If you have any questions, please call me. Good Luck.

Re: Beneficiary of Trust Deed and Foreclosing

You, as beneficiary, have the power to name a substitute trustee. There is a simple form called a substitution of trustee that you will sign in front of a notary, and then record with the county in which the property is located.

DO NOT name yourself as trustee. There are companies who do the actual foreclosure whom you should name as trustee.

Re: Beneficiary of Trust Deed and Foreclosing

I have some doubts about the previous answer. My understanding is that the beneficiary can change trustees at any time, without the approval of the prior trustee. There are some specific procedural requirements; they are set forth in Civil Code section 2934a. Also, the deed of trust itself may provide for an alternate method for substitution of trustee.

Probably the quickest, cheapest and most reliable method of handling this would be to contact an escrow and title company in your town.

There is some doubt as to the correct answer here, I would add, because the terminology in your question raises the possibility that there is a true trust here rather than just the special kind of 'trustee' relationship that is created by a trust deed (and which isn't a true trust).