A Trustees, Mortgagees, Attorneys or Foreclosure Bond is necessary when a property has been foreclosed upon and it has been placed in trust with a Trustee. The Trustees, Mortgagees, Attorneys or Foreclosure Bond is used to fulfill any order or decree by the Court in relation to the sale of the property and proceeds thereof.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Trustees, Mortgagees, Attorneys or Foreclosure Court Bond holds you accountable for your decisions.
By possessing a Trustees, Mortgagees, Attorneys or Foreclosure Court Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your decisions.