i paid two lawyers and my problem still not solved.1975 my father assumed a mortgage.i have papers fom the title insurance company that says commitment for title insurance and a reciept for a payment to the title company. but the property is still in the original owners name. is the title company responsible for getting this resolved? We've had possesion of the property since 1975 please help!
2006-12-05 05:29:58 · 13 answers · asked by desperate 2 in Business & Finance ➔ Renting & Real Estate
we decided that we wanted to sell it thats how we found out about the title.everything has been in my fathers name the taxes water bill ins. we have all the original papers , the title company is chicago title co and the mortgage company is dovenmuehle. the people who they bought the property from were our neighbors. they are all deseased. the papers are for owners policy
2006-12-05 14:10:54 · update #1
Yes, the title company should have changed the deed over and filed it at the local courthouse.
2006-12-05 05:32:21 · answer #1 · answered by VOTER 1 2 · 0⤊ 0⤋
When your father assumed the mortgage, did he not get a deed? Just assuming payments of the mortgage does not constitute ownership of the property.
Your title company is not responsible for correcting the problem only for identifying it. In order to get this solved, go to an attorney with your paperwork explaining the problem. Tell him/her that you would like to get the property into your family's name since you have occupied the property since 1975. It will cost you some money in order to do this. The attorney will most likely have to track down the previous owners to sign a deed. If they cannot be located then legal proceedings will have to take place in a court. You may have a case of Adverse Possession which would be determined by a judge.
2006-12-05 05:35:08 · answer #2 · answered by KC 5 · 1⤊ 0⤋
The fact of the matter is this. When your father assumed the mortgage he needed to be added to the deed of the property and the former owner removed. If this was not requested as a part of the transaction then it may not have been done.
For example: I could assume the mortgage on your home but not be added to the deed. Therefore, I am responsible for the mortgage but the property is actually owned by another.
Another example: When you finance a car, the bank actually owns the car untill it is paid off. If you crash it and it is totalled than the payment from the insurance goes directly to the owner (the bank).
If you have any questions please feel free to write me @ mdesdunes@sicloans.com
2006-12-05 05:45:21 · answer #3 · answered by Michel D 2 · 0⤊ 0⤋
Your dad could not have received a loan and your dad could not have assumed the mortgage without the title vesting in his name. The mortgage that a borrower gives the lender is an instrument that grants the lender the right to take the property owner to court and take the property away in the event of default and it is premised on the borrower having the legal title to the property. Giving a mortgage without title is fraud whether innocently or on purpose. The mortgage has nothing really to do with the promissory note as it relates to the title since the note is the instrument that creates the debt. If the title is not in your dad's name the bank and you need to place a claim with the title company premised not just on the binder of insurance (commitment) but on the actual policy.
Here are some links that might help you
Mortgage law an Overview: http://www.law.cornell.edu/wex/index.php/Mortgage
Uniform Fraudulant Conveyance Act all states: http://www.law.cornell.edu/uniform/vol7.html#frcon
Uniform Fraudulant Transfer Act all states: http://www.law.cornell.edu/uniform/vol7.html#frtra
Federal Statutes Laws having to do with Banking, from Cornell University: http://uscode.law.cornell.edu/uscode/html/uscode12
Federal Code Laws having to do with Banking from Cornell University: http://www.law.cornell.edu/cfr/cfr.php?title=12
Decomposition of Property Rights (Alienation of Property) http://encyclo.findlaw.com/1300book.pdf
American Land Title Association: http://www.alta.org/
American Bankers Association: http://www.aba.com/Consumer+Connection/default.htm
Mortgage Brokers Association: http://www.namb.org/namb/Default.asp
Buena Suerte
2006-12-05 05:46:49 · answer #4 · answered by newmexicorealestateforms 6 · 1⤊ 0⤋
Yes to you question: One I would write a letter to the title Co. and Call them I assume you have done both. ?? He assumed the property ? He bought ?? If so the title should have been done then and there. Keep lawyer out of it $$$$ You should be able to resolve Question why now and not 30 years ago was this noticed ??
2006-12-05 05:35:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
When assuming a mortgage --it stays in the hand of the original person who took out the loan till paid in full. If this has been done then take the pay off to the title company and have it properlr vested in his name. If they refuse to do so then get another atty involved and sue them for breech of contract. The old mortgage reports on the original account for the life of the loan.
2006-12-05 05:34:40 · answer #6 · answered by golferwhoworks 7 · 1⤊ 0⤋
wow how did that happen its a long time didn't the old names come up in the property tax bills. do you now have to prove that this house did belong to your dad. I think a real estate lawyer would Be able to fix this, didn't your father have a original papers on the house if not see if you could find out witch lawyer he used in 1975 to close this deal. they may still have papers for it. Good luck.
2006-12-05 05:39:18 · answer #7 · answered by Lara <:(((>< 4 · 0⤊ 0⤋
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2016-10-04 22:06:53 · answer #8 · answered by greenwell 4 · 0⤊ 0⤋
Well, one thing you need to find out is what type of title insurance you have there. Lender's policy or owner's policy or maybe both? Lender's title insurance policy does not protect you. I would highly consider calling the title company. You have the policy, call the number and inquire...and go from there!
If worse comes to worse, you can file a complaint with your states Dept. of Insurance!
2006-12-05 06:01:36 · answer #9 · answered by ALEGNA 3 · 0⤊ 0⤋
Your father may have took up payments on mortgage that didn't have a clear title. probably a Quit title in which you and the original title holder has interest in the property. you need to have a abstract done on this property.
2006-12-05 05:41:04 · answer #10 · answered by Anonymous · 0⤊ 0⤋
Go back to the title company (if they're still in business) and ask them to resolve it.
Otherwise, visit the city or county hall of records, and talk to one of the clerks out there. You'll be surprised how helpful they can be (at least here in San Diego)
What I'd like to know is, in this time, who has been paying property tax?
2006-12-05 05:37:59 · answer #11 · answered by bata4689 4 · 0⤊ 0⤋