Legal Question in Real Estate Law in California
Deed of Trust
On a Deed of Trust with a private lender who may act as trustee?
4 Answers from Attorneys
Re: Deed of Trust
A law firm or a private forelcousre service company can substitute in. Our firm handles numeruos foreclosures by substituting into actions as the trustee. See our web site. www.larryrothman.com
Re: Deed of Trust
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Re: Deed of Trust
Usually, you could name a title company or escrow company as the trustee. If you actually need to foreclose, you can name a new trustee, such as an attorney or foreclosure company.
Re: Deed of Trust
A 'trustee' under a deed of trust is not a true trustee and is not subject to the general rules governing trusts.
A natural person (individual) or a corporate 'person' can be named.
It is possible to name a title company as trustee without their knowledge or prior consent, and this often happens.
The beneficiary (lender) is not prohibited from acting as trustee, but this would be an unwise choice, as conflicts of interest and loss of certain immunities from liability could be lost.
The borrower (trustor) could not also be the trustee.
A natural person under the age of 18 probably should not be chosen because if they had to perform any duties before reaching 18 they would probably lack legal capacity to act.
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