Posted by waynepdx on July 18, 2002 at 10:07:24:
Your title insurance should cover you? When you take a home subject 2…dont forget to pull a lien and encumberance report to find out what is on that title.
What are the chances of this? - Posted by Zack W
Posted by Zack W on July 17, 2002 at 22:57:26:
CRE:
Here are the specifics of a deal I just closed, in which I need some questions answered.
1] FMV $140K
2] Seller deeded property to me for existing mortgage bal
3] Ran 2 title searches, NEITHER one of them show ANY liens
4] Seller verbally told me she owed $100k to Equity One
5] Title company wrote me a title policy for $140k
What the heck do I do? I mean, I went into this thing assuming there was a $100k 1st, now, after two title searches there are no mortgages recorded, and my title company has even given me a policy for $140k. Can the sellers lender come after me? Can the sellers lender do anything to me. What if I put a new 1st on the property for 80 LTV? What if, what if, what if… What would you guys do?
Zack W
Re: What are the chances of this? - Posted by Brian M. Powers(MI)
Posted by Brian M. Powers(MI) on July 18, 2002 at 17:57:00:
you had the seller sign an “authorization to release information” form before you took title correct?
why not just call equity one then and request the mortgage info?
BMP