substitute trustee


Also found in: Acronyms.

substitute trustee

The naming of a successor trustee under a deed of trust for real property. Typically, the lender does not name a substitute trustee until immediately before foreclosure. A review of local real estate records for substitute trustee filings may give advance notice of opportunities to invest in foreclosure properties.

References in periodicals archive ?
Similarly, in the present case, plaintiff alleges that PFC, the substitute trustee, foreclosed on the property despite its knowledge that doing so breached FHA regulations incorporated into the deed of trust.
They include inspectors handing pre-foreclosure inspections, law firms and substitute trustees handling foreclosure matters, property preservation companies cleaning and securing abandoned homes, and real estate companies responsible for marketing and selling real estate-owned (REO) properties.
To solve this problem, one child proposed substituting her daughter as trustee, while the second proposed naming her adult sons and her husband as substitute trustees. The IRS ruled that it was irrelevant that the substitute trustees were close relatives of the disclaimant.
The court added that an expansion of the law in 2007 did not add mortgages and the General Assembly has shown no intent to include these home loan collectors in the state's licensure requirement for collection agencies.<br />The high court's decision overturned lower-court rulings that had invalidated home foreclosures because the entities seeking collection or foreclosure, through substitute trustees, were unlicensed by the Maryland Department of Labor, Licensing and Regulation.
79-353,(47) the IRS concluded that the beneficiaries of a trust giving broad discretionary powers of invasion to the trustee will be deemed holders of a general power of appointment if they have the unrestricted ability to remove and substitute trustees. The onerous consequences of this ruling were subsequently modified by Rev.