Do you actually own your home? Do I?

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.

The evils of Bank Owned buying!

So I am here in the desert staying with my 'rents and driving them nuts I am sure. Hubs is working the work, kids are playing the play and my time is spent on using my mean voice on anyone having anything to do with the house. We love the house we found. It has lots of space for our extended brood. It is a blank slate for us to paint and build and enhance. We signed papers last Tuesday. Yup! Great news right? WRONG!! The owner is a bank and well bankers can be very money grubbing, picky, bratty, bastards. I should have keys to my house. After all we are paying for the utilities, we have the loan, we have movers coming BUT the bank is throwing a fit over a couple hundred dollars holding up my keys and them receiving a big fat check. Makes absolutely no sense to me. My advice is totally go for bank owned as you can pay pennies on the dollar but be prepared for a longer than expected buying process. It will be really sad when all the bad karma comes to bite the bankers on the butt. OH WAIT that is already happening, muuuahahahaha.