Thread: bank as trustee
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Old 09-29-2007, 04:29 PM
jcsmjd jcsmjd is offline
Waking Up
 
Join Date: Mar 2006
Posts: 39
Trustees

Usually Trustees do NOT have the authority to assign a new Tru a stee, that is the Authority of the Director. In other words the original trustee can resign but usually a new or substitute trustee is placed by Direction.

See any Foreclosure proceeding in just about any STATE. Notice prior to commencement of any special proceeding a the original trustee on the deed of trust resigns and a substitute trustee is placed by direction. This is usually a great lead to upcomming foreclosures by the way. The suckers out there are usually weeks behind this filing, but I digress.

I would challenge the original trustee's ability to assign a new trustee. You need to get a copy of the trust. However, if you are a beneficiary, you will probably have zero standing.
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