We had seller & buyers ready to close today and docs sent to the title company and then we get word that the house was sold today at 2pm. Buyer, sellers and realtors were all in shock. Wells Fargo is the bank and they knew there was a contract closing today. Is there anything we can do immediately?
2006-11-30 13:01:44 · 3 answers · asked by lismic 2 in Business & Finance ➔ Renting & Real Estate
The law allowed you a certain time to make good on the mortgage......If the sale was "today at 5pm" and they sold it at 2pm...sorry, they have that right. Maybe your time ran out days ago too but the sale was "today". If they sold it before the allowed time, it was an illegal sale...contact a lawyer.
2006-11-30 13:03:48 · answer #1 · answered by MN-Mike 4 · 1⤊ 0⤋
Foreclosure is a legal process where a creditor can reclaim or sell property for the purpose of repaying the debt owed on that property. Mortgage holders can foreclose on property any time after the borrower starts missing payments on the mortgage, unless otherwise set out in the mortgage, or in the laws of the state where the property is located. Therefore legally they can. For more financial and bankruptcy advice, please visit our website now.
2016-05-02 19:36:06 · answer #2 · answered by Charles 3 · 0⤊ 0⤋
The title company should have known something was coming, as should have the realtors.
Unless you hadn't told anyone you were in foreclosure?
You may be able to show liability on the title company's part if they didn't know better. They definitely should have discovered any dates or sales coming in their title search.
2006-11-30 13:42:14 · answer #3 · answered by Anonymous · 0⤊ 1⤋