So Nevada has been one of the hardest hit states in the country for foreclosure. After the discovery of the robo-signing and fraudulent foreclosures came out the big story here was that new owners may now not actually own their homes. A reporter recently wanted to see how prevalent this actually was and went to a local lawyer who works to help owners stay in their home and has been dealing with other owners facing the hassles of not actually owning their homes. His discovery - 9 out of 10 people who have bought a foreclosed home are facing the issue of not actually owning it. In fact he had the lawyer he was interviewing check on his home and in five minutes she found issues proving he was one of those people.
I am terrified now. We had a title company who supposedly made sure the title was clear when we bought a house owned by Countrywide who was bought out by BOA. This means someone could sue BOA for the house back. OR when we are ready to sell we won't be able to because we don't actually own the house. WTF? So far no one seems to have any clear idea what to do in this situation. Do we get our money back and clear out? Does BOA need to pay some damages to us and the previous owner? How do you fix this?We bought in good faith.
Hubby says that if the previous owner still legally holds title and pushes to take the house then we sue the ever loving heck out of BOA. BUT he wants to wait and see. I am more of the mind to want it fixed now. I am not liking this at all.
Friday, November 18, 2011
4 comments:
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We paid cash for ours. If the bank that "owned" it wants it back, they'd better show up with a cashier's check or an army.
ReplyDeleteI own a single wide. Paid the previous owner directly and have clear title. Too bad I rent the lad it sits on.
ReplyDeleteWe thought we were being smart. Nice down. Fixed rate. Payments well in our budget so we aren't house poor. BUT then this info comes out and looks to tank the smart choices we thought we made.
ReplyDeleteYou sue the title company.
ReplyDeleteAnd you should always pay for title insurance at signing, just to cover this kind of crap.