The Attorneys at The Weaver Law Firm serve as Trustees for lenders all over Texas. The real estate attorneys at the Firm handle Trustee transactions in Houston, San Antonio, Austin, Dallas and the entire State of Texas. Not only do the attorneys serve as Trustee for Deed of Trust purposes, but the lawyers also handle foreclosures when required. A Trustee is a neutral third-party who holds the legal title to a property until the borrower pays off the Promissory Note. In a real estate transaction, the Deed of Trust names the Trustee. The Deed of Trust secures the loan.
When a Lender selects one of the attorneys at The Weaver Law Firm to act as Trustee, the Lender may also be able to use the same Trustee to handle the foreclosure. Many times Lenders use attorneys that do not handle foreclosures to act as the Trustee, but when it comes time to foreclose, the Lender will have to hiring a foreclosure attorney to take the place of the Trustee. When that happens, the new Trustee will prepare a document called the Appointment of Substitute Trustee. The new trustee will then file this appointment in the real property records where the real estate is located. This is an additional cost to the lender that could be saved when the original Trustee is also the foreclosing attorney.
Banks foreclose on real property when borrowers default. There defaults are often a monetary default for failure to pay. When a borrower failed to make the “mortgage” installments or is in technical default. Other potential examples of default is when the borrower fails to pay property taxes, to maintain property insurance, or to abide by other requirements placed upon the borrower in the deed of trust. If you need an attorney with experience serving as a Trustee for lenders and handling real estate foreclosures, call Richard Weaver at The Weaver Law Firm at 713-572-4900.