Information
Required to Apply for a Lost Trust Deed Bond
- Complete
all areas of the application. If the application is incomplete
it will delay the processing of the bond. Both spouses must sign
the application.If unmarried please print marital status on the
spousal signature line.
- Provide
a financial statement if the bond amount is over $25,000.00
- Provide
a current preliminary title report and a copy of the trust deed.
- Provide
evidence that the note has been paid and when.
- Explain
the facts related to the loss as requested on the 1st page of
application. Include the sequence of events from the date of execution
of the note until today.
- Bonds are
required to be issued at 2 times the face amount of the note per
California Civil Code Section 2941.7.
- A Cashiers
check, money order or check payable to Mission Counties Insurance
Agency, Inc. for the cost of the bond is required along with the
original application to release the bond.
- PREMIUM
CALCULATIONS: The cost of the bond is 1.5% of the bond amount
with a $100.00 minimum.
| (Example
of PREMIUM CALCULATION) |
| NOTE
AMOUNT |
BOND
AMOUNT |
X1.5% |
PREMIUM
CHARGE |
| $2000.00 |
$4000.00 |
X1.5% |
$100.00 |
| 4000.00 |
8000.00 |
X1.5% |
120.00 |
| 25000.00 |
50000.00 |
X1.5% |
750.00 |
- Please Provide
current trustee (Title Company that will do the reconveyance).
If the trustee shown on the preliminary title report is no longer
in business.
- Please click
here to download the Lost Trust Deed Application (2.2MB PDF)
Overnight mail
service is available. If you wish the bond to be sent by overnight
mail, include a check for $12.00 or your return mail service account
number.
This bond allows
the note/deed to be cleared from the title report. It does not relieve
the principal of financial responsibility for the note if in the
future it is proven it was not paid.
Please feel
free to call with any questions about the application or bonding
in general.
|
Mission Counties Insurance Agency, Inc.
