Constructive Trust. A constructive trust is not an actual trust by the traditional definition. It is a legal fiction that is used as a remedy for unjust enrichment. Hence, there is no trustee, but the constructive trust orders the person who would otherwise be unjustly enriched to transfer the property to the intended party. wex: COMMERCE.
In the past, quitclaim deeds gave complete ownership to the holder after seven years of uncontested use â even if the person who gave you the deed wasnât the real owner. Now, itâs not as simple. More documentation is required as listed in the Official Code of Georgia.
Depends on the state. It could be anywhere from 30 days to a full year. Check your loan documents they will usually have the information in there in the Warranty Deed. I shall take my state, Georgia, as the basis for my answer. In this state you have 30 days from the decleration of foreclosure by the bank. That's it. You have 30 days to pay the amount to settle the foreclosure which normally is the 3 months of backpay on the loan plus the lawyer fees. If you do not pay, on the 31st day law enforcement will show up to forcibly move you out. This is no joke in this state.