In short sale for 18 months, buyer, we closed 10-3-12, bank rescinded approval on 10-2, we recorded...
and closed on 10-3-12, but about 2 weeks later we got a notice of trustees sale on our door, it has the old owners names and our names and, our mortgage company on the notice and on the same day we found out that us bank sent back the funds for the house to our escrow co and the house is up for sale on 11-7-12.
Wehave been trying to buy a home for 2 years and 11 months, seen about 50 houses and put in at least 15 offers with this one being the longest, we have 16 kids, so finding the right house in the right area with low taxes was so hard and now to have them just want to take it back, it is crazy. We had short sale approval until 10-18-12, we closed and funded in a timely matter, my mortgage company has all the papers, emails, the final sellers hud and has confirmation to fund, but they decided to auction the house.
Our Title Ins has filed a claim, we just don't know what to do????? Should we get our own attorney?
Christi
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Hi Christi. What a horrible story. Yes you need to hire an attorney asap.
Come back and let us know how this all plays out.
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Permalink Reply by Kimberley Kelly on
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I'm with Bryant. This is the Foreclosure arm not talking to the Short Sale arm of the Lender! Get an attorney!
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Permalink Reply by Kevin - Greenville, SC on
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Yes. Hire an Attorney ASAP. Did they provide a reason why the funds were returned? Perhaps the Closing wasn't done in accordance with the Short Sale Approval(s).
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Permalink Reply by Tara Samney on
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Funds will be kicked back if you try to close if short sale approval was rescinded (which happened here). You wrote you closed 10-3 and bank rescinded approval 10-2. Curious if everyone knew approval had been rescinded and just thought they could close anyway (itr won't be legit). Since the funds got kicked back and you closed after approval rescinded I don't see how you have a valid purchase. Please see a real estate attorney- this never should have happened . The listing agent should have been in constant contact with the closing rep that closing is approved and day it closed. Any problems should have been brought to the closing agent before then, and it never should have been allowed to make it to the closing table. Investors can pull approval at any time prior to closing. Hopefully if it's a good offer they will see the light and work it out.
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Permalink Reply by Christi Cason on
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Nobody knew on our side, meaning, escrow, my agent or my banker. My owners title ins filed a claim, we now have lawyers, they have filed the lawsuit and are recording the lis pendens, and have scheduled a hearing for our application for a temporary restraining
order (“TRO”)on the bank and the default company. I'll keep you posted.Thank you,
Christi
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This is horrible. Thoughts are with you ...please keep us updated. Hoping for the best!
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Permalink Reply by Irene P. Lopez on
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I received short sale approval on a transaction only to have it rescinded on the same day so I can see how you could have closed without the proper approval, seek the advice of an attorney but sounds like you may have to move.
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Permalink Reply by William J Archambault Jr on
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Yes!
A real estate attorney!
Bill
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Permalink Reply by Mari Pedroza on
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----Did it Fund & Record----
I had the same exact thing happen. I was representing the seller the lender gave the ok to the tile company to fund and record buyers agent and I got paid and the buyer moved into their home. One week later the lender rejected the wire and sent the money back to the title company. I had never been in this situation I contacted my escrow officer at the title company she said that I did not need to worry because they had the ok from the lender to fund and record. The escrow officer then contacted the lender and told them that the file had funded and recorded and that the new homeowner now owns the home (the home owner paid for a clean and clear title at closing) the bank then gave the ok to have the money re-wired back to the bank. I asked the escrow officer what would have happen if the bank would of refuse the wire (money) and she said that it would become an insurance claim against the title company and that the buyer would still be protected because he paid for a clean and clear title at closing. I would recommend that you first contact any attorney and get legal advice and also contact the Title Company where you closed and let them know what’s going on because more than likely you did pay for title insurance. Good luck I hope this helps.
Mari.....
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Permalink Reply by Eartha Wang on
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Christi,
We ran into this same situation with one of our clients that closed last month. We took the following steps and it was cleared up in a couple weeks.
1. Our attorney wrote a threatening letter to the lender
2. We wrote a letter to Texas Department of Savings & Mortgage Lending
3. The title company attorney also sent a letter to the lender
Taking all three steps at the same time helped.
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We have lawyers through our owners title ins. court was yesterday, Judge granted a TRO against the bank and the default company, they have till 11-15 to respond, then us by 11-20 then back to court on 11-29, we are hoping they will fix this now that we have their attention. I will update when we know more, thank you everyone!!!
(((HUGS)))
Christi Mama to 16 kids and breathing alittle easier for now :)
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UPDATE and thank you so much everyone!!!
As of 4-26-2013 and going to State Court and Federal Court, our case was finally settled, everything was reversed, and filed properly, and we are now the OFFICIAL owners of our property, so wooooooooooohooooooooooooooooooooo we OWN our house, ok, lol, in 29.5 years but still, YEAH. Thank goodness for Owners Title Ins, they paid for our lawyers, without that we would have lost our house, 2 months after closing on it. Thank you again for all your help.
Christi Mama to 16 kids, 18 weeks along with #17 and finally feeling safe in my home!!!
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