This is great. Buying a foreclosed house, in cash, that I’m having inspected this afternoon.
Now I’m afraid we’ll never close because they won’t be able to find or transfer the title deed.
Go to the county clerk's office and find out for yourself! DO NOT trust your lawyer or the title insurance company!
Oh they’ll find it and transfer it, they’re covered by title insurance (you’re NOT) ,, everything will be A-Ok as far as you’re concerned until the prior owner that was foreclosed upon comes up with $2,000 for a lawyer and gets the foreclosure nullified because of irregularities (forged docs) or some other reason.. I wouldn’t touch a foreclosure until the FedGov does something to protect prospective buyers. I have experience buying property in a country that was occupied by the Japanese in WW2 ,, titles are a mess , ownership is often unable to be determined ,, you take your chances and pay based not only on the land but the quality of the deed/title available ,,, YOU AREN”T GETTING A BIG ENOUGH DISCOUNT ON YOUR FORECLOSURE BECAUSE OF THE UNCERTAINTY..
They are selling a foreclosed house to you that they don’t have clear title to. Where’s the note with their name on it?
Notice to others when Frannie or Freddie sends you a letter notifying you that they hold your loan/mortgage and to continue making payments to the servicer (who gave you the loan in the first place but turned around and sold it to Wall Street) that Fran or Fred doesn’t bother to file a lien against your property at the local Country Recorder. That’s because they have no idea where the note is but pretend they have it. If they did have it, they would file a lien.
Some success in courtroom as the fraud begins seeing the light of day...http://www.nakedcapitalism.com/2011/04/judges-in-florida-start-inflicting-pain-on-foreclosure-mills-and-trusts.html
You would do well to spend a few bucks on a good real-estate attorney to check over the paperwork and in particular make sure there are no unreasonable exclusions in the title-insurance policy.
Title insurance companies have recently started inserting exclusions against covering title defects arising from the irregularities in recording that have become common in the last few years.