Seller transferred title to another person leaving mortgage in place
I am working on a short sale, and when I did my preliminary title search, I was surprised to learn that the seller had previously transferred title to another person doing a "subject to" existing mortgage closing. Now I have a siutation where the seller is not the borrower.
How do I reconcile this with the approval letter and get a short sale completed when the seller and borrower are two different people? Does the fact that title was transferred "subject to" the existing mortgage leave the other seller subjected to the terms of the approval letter as if he were the actualy borrower?
I always get the fun ones. :)
Replies to This Discussion
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Permalink Reply by Paul Antonelli on
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Bryan is correct here. Your client probably knows what they did but dont want to admit it. They probably answered one of those rip-off ads, "Sell Yous Home and put $5000 in Your Pocket". I've had it happen to one of my clients. Have your client Run and not walk to their attorney.
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Permalink Reply by Michael Ackerman, CRS, SFR, on
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Teresa,
There is a simple reason why I pull AND READ the preliminary title report before putting the property on the market, before accepting an offer and before submitting anything to the bank. It is with diligence we navigate these treacherous waters despite the sirens of the Lorelei calling us towards the rocks. You're boat may have scraped up on a big one.
Now that you're here, I feel for you. You've read the remarks, LAWYER UP and be prepared to be squeezed to get out of the situation and go make money on another deal. This one sounds like its a shipwreck on the river and the tax collectors and robber barons haven't even yet arrived!
Good luck!
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