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  1. #1
    anikolop is offline Member
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    how to execute a deed of trust

    What is the name of your state? TX

    My divorce decree awarded the house to my wife but stated that she must refinance it in her name within 90 days. It then states that if she does not do this then she would sign a deed of trust in my favor and that I would have to execute a special warranty deed in her name. That way, I will have the right to reenter the property and occupy it exclusively. Well, she never refinanced the home and now the house is on the brink of foreclosure (of course, I'm still liable on the note). If I want to execute this deed of trust and warranty deed, what parties do I need to get involved? For instance, who will serve as the trustee? Can I draft the documents myself? I guess I don't understand how I can have a deed of trust when there is a lender out there who has the right to foreclose.
  2. #2
    seniorjudge is offline Senior Member
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    Quote Originally Posted by anikolop
    What is the name of your state? TX

    My divorce decree awarded the house to my wife but stated that she must refinance it in her name within 90 days. It then states that if she does not do this then she would sign a deed of trust in my favor and that I would have to execute a special warranty deed in her name. That way, I will have the right to reenter the property and occupy it exclusively. Well, she never refinanced the home and now the house is on the brink of foreclosure (of course, I'm still liable on the note). If I want to execute this deed of trust and warranty deed, what parties do I need to get involved? For instance, who will serve as the trustee? Can I draft the documents myself? I guess I don't understand how I can have a deed of trust when there is a lender out there who has the right to foreclose.
    Actually, you need to pay off the note y'all agreed to before the judgment in your lawsuit.

    Then go see a good real estate lawyer and he will draw up the docs for the wife to sign.
    There are two rules for success:

    (1) Never tell everything you know.
  3. #3
    BelizeBreeze is offline Senior Member
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    I disagree.

    A more humane way is to offer the Deed a cigarette, use white-out to cover the eyes then at 50 paces place a bullet in it's Header file.
  4. #4
    seniorjudge is offline Senior Member
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    Quote Originally Posted by BelizeBreeze
    I disagree.

    A more humane way is to offer the Deed a cigarette, use white-out to cover the eyes then at 50 paces place a bullet in it's Header file.
    Well, I tried that once and shot myself in the foot. I put white-out on MY eyes!
    There are two rules for success:

    (1) Never tell everything you know.
  5. #5
    anikolop is offline Member
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    Pardon my ignorance, but if I pay off the note why would I need to do the deed of trust?
  6. #6
    seniorjudge is offline Senior Member
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    Quote Originally Posted by anikolop
    Pardon my ignorance, but if I pay off the note why would I need to do the deed of trust?
    Because then SHE would owe YOU (via a promissory note and deed of trust).

    Unless, that is, you don't want any money from her.
    There are two rules for success:

    (1) Never tell everything you know.
  7. #7
    anikolop is offline Member
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    Oh, I see...You meant after I pay off the note in full then she would start owing me. Got it. However, if I just make a few payments to avoid foreclosure, can I still do this deed of trust whereby she continues paying the lender? It seems as if that is the scenario contemplated by the divorce decree. More specifically, could I reenter the property if she misses mortgage payments and claim my 1/2 interest? That way I could try to sell the house myself?
  8. #8
    seniorjudge is offline Senior Member
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    Q: However, if I just make a few payments to avoid foreclosure, can I still do this deed of trust whereby she continues paying the lender?

    A: Sure, for the amount she owes you and if it's okay with the first (i.e., the original lender; you would be the second).


    Q: More specifically, could I reenter the property if she misses mortgage payments and claim my 1/2 interest?

    A: Yes, IF you had a deed of trust on it, you could foreclose. You would then take subject to the first.


    Q:That way I could try to sell the house myself?

    A: Yes (and see answers above).


    Get a lawyer; this is not DIY.
    There are two rules for success:

    (1) Never tell everything you know.
  9. #9
    anikolop is offline Member
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    Thank you so much. One last question, I promise! You mention that I would do the deed of trust for the amount that she owes me. She doesn't owe me anything because I haven't made any payments since the divorce. So how would I be able to get a deed of trust if I have not "lent" her anything to cure any default?
  10. #10
    seniorjudge is offline Senior Member
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    Quote Originally Posted by anikolop
    Thank you so much. One last question, I promise! You mention that I would do the deed of trust for the amount that she owes me. She doesn't owe me anything because I haven't made any payments since the divorce. So how would I be able to get a deed of trust if I have not "lent" her anything to cure any default?
    Read your very first post and then read this one.

    You are very confused.

    You really need to sit down with a real estate lawyer because the concepts of debt and repayment are just not making sense to you.

    You want to get rid of the old debt. She has not done that. You will now need to go in and pay off the old debt and put a new debt on the land and you is da lender!

    Get a lawyer.
    There are two rules for success:

    (1) Never tell everything you know.
  11. #11
    anikolop is offline Member
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    But I can't pay off the old debt! That's what I am trying to say...the decree states that I can get this deed of trust while the ex is still paying off the original lender. Therefore, there is no "new debt". So how can I hold a deed of trust if I am not a lender?
  12. #12
    seniorjudge is offline Senior Member
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    Quote Originally Posted by anikolop
    But I can't pay off the old debt! That's what I am trying to say...the decree states that I can get this deed of trust while the ex is still paying off the original lender. Therefore, there is no "new debt". So how can I hold a deed of trust if I am not a lender?
    You will put a SECCOND deed of trust (i.e., junior to the original loan) on the land; if you foreclose on the second, you will have the land but it will still have the original loan on it.
    There are two rules for success:

    (1) Never tell everything you know.
  13. #13
    anikolop is offline Member
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    Now I get it. Thanks for putting up with me. Time to find a lawyer!
  14. #14
    seniorjudge is offline Senior Member
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    Quote Originally Posted by anikolop
    Now I get it. Thanks for putting up with me. Time to find a lawyer!
    We start billing after the tenth post.

    The bill is in the mail.
    There are two rules for success:

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  15. #15
    HomeGuru is offline Senior Member
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    Quote Originally Posted by seniorjudge
    We start billing after the tenth post.

    The bill is in the mail.

    **A: and it's net 15.

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