Q: what is my rights as title holder of a real estate property that was transfer to me by grant deed. Mortgage Company foreclosed on the seller 6 months later. The loan was still in his name.
Before the trustee sale the seller and myself show on title as owners of the same house. After the trustee sale when I check, the property shows my name as owner.
Don’t plan to sell, but the banks are harrassing me now.
Q: What option do I have? what can i do to stop the harrassment? :deal
I’d like to know why the mortgage wasn’t paid from the time you were given the property until the FC auction?
I was a tenant prior to us recording the deed with his attorney. not escrow.
the posting of the trust deed sale is when i found out the seller had stop paying the note for 8 months. the bank was unwilling to neigotiate or allow me to assume the loan, because they saw me as tenant not owner. I have fulfill the agreed terms lease to buy - between the seller and myself.
Can the bank take me off the title of the house? what can I do to keep the house at this stage? :banghead
OK, let me see if I have this straight. You were the tenant in the property, which was deeded to you. As the title holder, you were making payments to the seller according to the L/O agreement between you and him. The lender posts a foreclosure notice :shocked and that’s how you became aware that the seller wasn’t making payments.
Before the trustee sale, you say in a previous post that the seller and you were on title. Do you mean that the seller transferred title to you and then you were the only one of the title at the time the bank foreclosed?
What’s your relationship like with the seller now?
Before the trustee sale, you say in a previous post that the seller and you were on title. Do you mean that the seller transferred title to you and then you were the only one of the title at the time the bank foreclosed?
What’s your relationship like with the seller now?
#1A: Yes, seller transferred title and I was the only one of the title at time of bank foreclosed.
#2A: There is no relationship with the seller. Unable to locate seller. The bank sold the note to another banking institute. they want to offer “cash for keys”.
I Know I should have some legal rights that I am unaware about.
Q: what rights do I have at this stage? Since I am shown as owner on title at the county recorder office; not bank owned. :help
You need professional counsel on this. It seems to me that the bank is the victim of theft, but that you should be able to keep the house, so long as you continue paying the note. The bank screwed up when they did not do a proper job researching the chain of title. If the bank refuses to deal with you, go find a lawyer.
What is the amount of the note compared to your agreed price? If you can come to an agreement just purchase from the bank. You may even have a right of recission in your state that would allow you to ‘reclaim’ the property. You would probably have to make loan current. Get a good real estate atty.
If I read all the posts and understand this correctly, all you did was take title to the property subject to the existing liens.
This means that you are on title BUT NOT on the note and contract with the lender.
The original owner failed to pay…the lender foreclosed under their Power of Sale and their Due on Sale clause in the Deed of Trust.
At the time you were notified…they refused to speak with you because to do so would be a violation of the privacy act. YOU were NOT on their contract and they could not discuss it with you.
At the time you were notified, your options were, Pay the off in cash if you had it, Refinance and pay them off, negotiate and qualify with them and get a new loan.
You are NOT a victim of anything except your own negligence and inexperience in what you were doing.
There is nothing that I am aware of that you can do to force the lender to do anything. Remember, YOU are the one in violation of their contractrual agreement with the prior owner…THEY are not.
Good Luck,
Bill H