anyone heard of a “title buster”? - Posted by lukeNC
Posted by lukeNC on May 03, 2007 at 14:49:25:
I had lunch yesterday with an RE guy who has almost convinced me that he is a genius.
This guy researches down at the deeds office and the courts to find title problems, all kinds of problems and mistakes which require quiet title actions. From incorrectly processed foreclosures, probate problems, legal description problems, etc etc.
Then, he tracks down the owners (heirs, former shareholders, etc.) or the people who “have an interest, and don’t realize they do or dont care”, gets a quit claim and some other paperwork signed by them, then sues to quiet title. Most times, he’s picking up a nice sized check in the process. Basically its “walk away” money, the best kind in my opinion.
I’ll give one example:
A couple bought a property 7 years ago from a builder. They went info foreclosure 4 years ago and moved up north. The lender eventually foreclosed. But, the foreclosing attorney put the wrong legal description (really wrong) in all of the foreclosure notices. Foreclosure was finalized 2 years ago. Property sold to a new buyer. But, because the legal description was waaaaay wrong, its as if the foreclosure never happened. Almost like they foreclosed on a non-existent property.
So, he tracked down the old owners, got a signed and notarized quit claim for $100 and sued to quiet title. He got $15k in “walk away” money from the attorney who did the foreclosure. Took less than 30 days.
This guy calls himself a “title salvage artist” and “title buster” Anyone else heard of stuff like this?