I have a recorded grant deed in my name after a foreclosure. the bank foreclosed on the seller 6 months after our transaction.
The Bank did not see me on title at the time. Now I am being harrass by a different bank " a servicing attorney" as a tenant. they want offer me “cash for keys”. I refused!!
:argue
What are my option to stop this since I am still on title of the house?
It’s unclear exactly what you’re saying. Did you buy the property after a foreclosure or before? I think you need to see an attorney to take care of this as they will probably try to evict you. What will probably happen if you ignore this is that the sheriff is going to show up at your house one day and put all your stuff outside or in storage.
Again it’s difficult to figure out exactly what you’re saying, but from what I read, it sounds like you bought a property from the seller and now the bank that held the mortgage for the seller didn’t get paid off and then foreclosed on the seller. I hope you bought title insurance. Sounds like your title company or attorney didn’t get everything recorded property after the transaction or perhaps just didn’t have clear title to the property. If this is the case, your title insurance should defend you. Otherwise if the mortgage holder wasn’t paid off, even though the property was later sold, they’re earlier in the chain of title and would have claim to the property and of course would be within their rights to evict you. That’s what title insurance is for. The bank doesn’t have to see you on title, it means nothing as they hold an earlier claim on the property. Sounds like the bank never got the payoff when you bought the property or it didn’t get recorded property. You definitely need to consult an attorney.
Henryinma has it exactly right. The only chance you have of coming out of this is if you bought title insurance. If you bought the property from the owner you should have brought the payments current and started making the payments. Just because you bought from the owner doesn’t mean the backpayments don need to be paid.
See if you can work with the bank to stave off them taking over the property and kicking you out. You probably need to talk to an attorney ASAP.
With more info we might be able to help you more.
Good luck,
donrock
Thank for your response. I have made a mistake in my writing. Grant deed was recorded before the forclosure.
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 has not paidoff several properties.
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 lease to buy - agreed terms 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? I am willing to fight.
We still need more information as your reply is still unclear. You need to clearly state the chain of title. It’s not when the foreclosure was recorded that was important, it’s when the mortgage was recorded because that has priority before any subsequent owners. The foreclosure can be recorded after other owners, it just wipes out any owner interests prior to the recording of the foreclosure deed which is what it sounds like your situation is. It sounds like you didn’t have an attorney or title company, they would have cleared this up at your closing. It sounds like you paid money to the seller and the seller didn’t pay off the mortgage. Without title insurance, you don’t own a property and you would have to pursue the seller to get your money back. The agreement on the lease to buy was between you and the seller, not between you and the mortgage company. Typically when you close on a property, the title company or attorney pays off all outstanding debts and records a discharge of the mortgage. Sounds like that never happened so the mortgage company still had a valid lien on the property and they are within their rights to foreclose on the property. It’s why you always do a title search before purchasing a property because you never want to pay for something that the seller may not actually own. And it’s why you get title insurance in case there’s any mistakes in the title search.
The way I am reading it is the OP bought the house subject2 or “owner financed” and the seller stopped making the payments to the bank.
Mr. Estate,
Did you pay your mortgage to the servicer (aka the bank) or did you pay them to the seller? If you paid them to the bank you can also show the receipts to the bank to prove you have been financially responsible for the properties. However it sounds to me more like the seller put you on title but the note was still in the sellers name. They stopped making payments and now the bank is foreclosing. If that is the case then you are screwed.