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Started by Joyce Freese. Last reply by James Franko Sep 7, 2021. 3 Replies 0 Likes
Started by Bob Helmig. Last reply by Tony Morales Jul 25, 2018. 1 Reply 0 Likes
Started by Tony Morales. Last reply by Minna Reid Oct 31, 2017. 9 Replies 1 Like
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At the end of the day, whatever is "known" must be disclosed. So, if your attorney knows something that has an affect on Title, he/she must disclose it to Chase. Where is the Agent & their Broker who is representing YOU? It will be his / her Licenses at stake and his / her E&O insurance that will have a claim should things go sideways.
You may have experience in Banking (I had many years in Exec Management in Banking before I got into Real Estate) but Short Sales, and holding back information from the Lender is a big problem!
Chase will run a Title Report and will also ask your settlement provider for a copy of their Title Report.
Disclose, Disclose, Disclose !
The note holder was approved by Chase.
Chase does not know of the phantom owner, unless they have performed a title search.
The listing agent is aware of the phantom owner.
I believe the note holder thought he was the owner, when we started 10 months ago. The owner situation originally came to light several months ago when my attorney did a prelim title search. My attorney asked the agent and the note holder about the phantom owner and they explained that is was part of a sale transaction that fell through. At that time, the phantom owner agreed to sign a quit claim back to the note holder as the phantom owner, did not even know.
That quit claim was never recorded as my attorney kept it in file.
The RE agent is not very experienced. My attorney, is very experienced but only partly experienced with short sales.
I certainly understand your points. My thought is why would Chase care about all this as long as they are getting their proceeds? That may be my simple, collection oriented banker mind kicking in.
You need to get the listing agent involved as soon as possible.
What are your thoughts Mr. Davis?
So - the attorney is able to get title insurance on the transaction! However, the HUD will show the current owner as the seller, who is not the note holder. I am sending it up to Chase shortly for approval and hope that it goes through. Wish me luck!
Evening Thom,
My attorney was on vacation and is returning tomorrow. I know he has the prelim report on his desk and I will be speaking to him bright and early tomorrow so we will see. I agree on what you are saying the State can do - however, the nulla bona that is stamped on the lien leads me to believe 2 things - the lien is not attached and that the State will likely not go quietly if the note holder/lien holder becomes owner.
As for the due on sale clause, I am not sure if we have that here in GA. However, I am a 5 year banker with prior mortgage lending experience, not an attorney.
Thanks again for the help.
Thanks Joe.
The property is currently not in the note holders name. My attorney has a signed quit claim in file from the current owner back to the not holder, that has yet to be recorded - which I think is a good thing. As I mentioned, the tax lien (FIFA) was filed in public record after the property was transferred out of the note holders name. The state has also tried to nulla bona the the lien a couple of times since, which further leads me to believe the the lien is currently not attached. So, I am hoping my attorney will be able to get the title insured as is, have the current owner sign the deed at closing, and get Chase paid so they cancel the security deed. I am not sure why Chase would care because all they really care about is getting X dollars to release their deed.
If this doesn't work (because Chase wont agree to it or for any other reason), we will have to transfer to the property back into the note holders name, and then negotiate the lien because once the note holder/ owner of the tax lien owns the property again, the tax lien attaches immediately. The note holder does not own any other property, he has no assets, is on disability, and is terminally ill with cancer. Further, the property has no equity, so the state will get nothing no matter what. However, I will be at their mercy if the earlier option does not work.
Sorry to be winded, and thanks again to everyone for the help.
Do you have a Preliminary Title Report ? THAT will give the full story. The State can place alien against anything they believe the taxpayer may own or have an interest in. If the note is in the taxpayer's name, then it is likely he/she has an interest in the property. Further, if the "mortgage holder" has deeded the property out of their name without written approval of the Lender, it is also likely to trigger a "Due on Sale" clause in the note - another twist :-)
I wouldn't bet that you have fewer problems than more. Banks don't like to deal with properties not in the noteholder's name. On the other hand, assuming that the deed to the new owner was recorded, that could make things a lot faster to go to the state and complain that they put a lien on someone else's property and NEED to get that off post-haste. You could complain to a state senator, etc. about their outrageous irresponsibility and lack of response, assuming that they are the usual slow as turtles. If you get the lien off of there, you are probably best off with the quit claim back to the original owner to deal with the bank. (No need to record it.)
If the deed to the current owner is not recorded, well, probably tough luck, you need to deal with the tax dept and do what you can to either convince them that the lien is improper (show them the current deed) or that you'll pay for a release, which they usually don't cooperate on - they like full payoff. They be gov/t employees, after all, what do they care?
In any case, you have more complication but a possibility of getting out of things faster. Interesting.
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