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FORECLOSURE AVOIDANCE AND LOAN MODIFICATION - RIVERSIDE COURT ATTORNEYS :: The law allows banks to secure their loans with what is commonly called a mortgage but is in actuality a “deed of trust.” The deed of trust is exactly what it sounds like. A trust is created to hold the deed to the property. Every trust has three parties. First is the trustor who funds the trust or in this case places property (the deed) in the trust. Second is the trustee who holds the property. Third is the beneficiary who gets the property held in trust. In the trust created by a deed of trust, you agree as trustors to turn over the property to the trustee who will give the property to the beneficiary (the bank) if you don’t make payments on promissory note as promised. You may recall signing the note when you got the loan on your home.
Nondischargeability & Objection to Discharge Complaints - Creditors may need to file formal complaints against the debtor in various situations. They are handled in bankruptcy as adversary proceedings or trials.
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