Beware incorrect legal descriptions - Posted by Barry (GA)

import · July 23, 2003, 12:40pm

Posted by Gunn(Ga) on July 24, 2003 at 17:42:35:

I have a lead on a REO in Brunswick, Royal Oaks subdivision, if you are interested.

import · July 23, 2003, 12:40pm

Posted by Barry (GA) on July 23, 2003 at 12:40:21:

I just found out about a bank that lost a lot of money because of this. A guy had 2 lots near each other on the same street. He put a d/w on one, the other is empty. When he did the financing for the lot and mobile home the bank had the wrong description, they had the correct street address but they had the legal description for the empty lot. He told them this, sent letters, called, etc. They never fixed it. Years later he was unable to pay, called and told the bank and willingly moved out of the house. The bank foreclosed, but only got the empty lot because of the description. He had records where he tried to set things straight in the beginning, his lawyer told him he had not committed fraud so don’t worry about it. He moved back in his place which is free and clear, and the bank got an empty lot for a $70k foreclosure!

Barry
p.s. The bank listed the lot at $5k, then $3k and now $2k and it still hasn’t sold.

import · July 25, 2003, 5:53am

Re: Beware incorrect legal descriptions - Posted by Tim Fierro (Tacoma, WA)

Posted by Tim Fierro (Tacoma, WA) on July 25, 2003 at 05:53:58:

If I was the original homeowner, I would look at acquiring the parcel back into my possession.

import · July 23, 2003, 1:27pm

Re: Beware incorrect legal descriptions - Posted by Ben

Posted by Ben on July 23, 2003 at 13:27:44:

Where are you in Ga? I hear of other problems like this throughout the south.

import · July 25, 2003, 3:56pm

Re: Beware incorrect legal descriptions - Posted by Barry (GA)

Posted by Barry (GA) on July 25, 2003 at 15:56:21:

The bank refuses to sell it to him or his family. The thing is, they had the right street address but the wrong legal description. Too bad for them. Wonder if they can file a personal judgement against him for the difference?

Barry

import · July 24, 2003, 1:53pm

Re: Beware incorrect legal descriptions - Posted by Barry (GA)

Posted by Barry (GA) on July 24, 2003 at 13:53:57:

Brunswick

I forgot to mention that the bank that foreclosed was not the one who originally did the loan. They got it from someone else so they were unaware of the problem.

Barry