Volmania
06-02-2006, 08:57 PM
I purchased a home(reo) 7 weeks ago. I went to the closing signed the paperwork and left with the documents in hand.
My contractor started working on the home the home 3 days later. Why not its mine, right?
Ok, 10 days after the closing and a few thousand dollars later I get a call from my banker. He tells me(not my attorney or real estate agent) that he had to cancel the loan on my property becuase there are title issues.
I called my agent and attorney neither could give me answers. 5 1/2 weeks later still no answers. So I went in the other day to tell the attorney that I needed to preceede as if I had lost the home. I asked the usual: How soon do I get my earnest money back? Who is the title company that we will be placing a claim with?
Well he told me that since I didnt officially own the home that I didnt have a policy in place. So I smiled and said- Ok then who is your malpractice insurance company that I will be contacting?
Since making that statement I have found out the following:
1. The title is clean.
2. There is an old title policy that is missing.
3. the reason it is missing is becuase the original attorney that filed the foreclosure was disbarred for embezzlement, he more than likely shredded the policy.
4. No one knows how to rectify the situation and I have a buyer for the property that I am probably going to lose now.
5. No one can tell me how long it will take to fix the problem.
Does anyone have any suggestions? I thank you in advance for you asssistance.
My contractor started working on the home the home 3 days later. Why not its mine, right?
Ok, 10 days after the closing and a few thousand dollars later I get a call from my banker. He tells me(not my attorney or real estate agent) that he had to cancel the loan on my property becuase there are title issues.
I called my agent and attorney neither could give me answers. 5 1/2 weeks later still no answers. So I went in the other day to tell the attorney that I needed to preceede as if I had lost the home. I asked the usual: How soon do I get my earnest money back? Who is the title company that we will be placing a claim with?
Well he told me that since I didnt officially own the home that I didnt have a policy in place. So I smiled and said- Ok then who is your malpractice insurance company that I will be contacting?
Since making that statement I have found out the following:
1. The title is clean.
2. There is an old title policy that is missing.
3. the reason it is missing is becuase the original attorney that filed the foreclosure was disbarred for embezzlement, he more than likely shredded the policy.
4. No one knows how to rectify the situation and I have a buyer for the property that I am probably going to lose now.
5. No one can tell me how long it will take to fix the problem.
Does anyone have any suggestions? I thank you in advance for you asssistance.