I bought some investment property 2 years ago for $15,000 , rec'd a quit-claim deed, now 2 yrs later I am applying for a loan to fix up the property; have been notified by the title company there is a $21,000 lien agains the property; the perrson I bought property from had taken a loan out 6 months prior to me purchasing; now I cannot get my construction loan until the $21,000 is paid to the lien holder; I know I screwed up 2 yrs ago by not checking the title; lender is not pursuing the borrower of the loan for default in payment and will not give me any information to locate the person I bought property from, lender advised me he has over $500,000 worth of real estate transactions with this person and is not going to do anything to him. What recourse do I have if any? I believe this is some type of fraud; and only way I can proceed with my loan is to pay the lender the $21,000 for him to release the lien. doesn't seem fair. please help, Thank you Tammy W
2006-07-11
12:30:07
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2 answers
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asked by
Anonymous
in
Law & Ethics