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Posted On: October 25, 2010 by Scott Sagaria

What is a Beneficiary?

A Sacramento bankruptcy attorney describes the role of a beneficiary.

A beneficiary entity classified by a deed of trust used in a home loan. A deed of trust is a document where the title to real property is transferred from the borrower to a trustee, which holds it as security for a loan between the borrower and the lender. The lender is referred to as the beneficiary.

When the loan is fully paid, the monetary claim on the title is transferred to the borrower by reconveyance to release the debt obligation. If the borrower defaults on the loan, the trustee has the right to foreclose on and transfer title to the lender or sell the property to pay the lender from the proceeds.

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Posted In: Bankruptcy Code

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