2007-01-02 02:51:16 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
That should have been paid off before the house was sold to you. You need to talk to a lawyer right away. You may not have a valid title to the house.
2007-01-02 02:53:07 · answer #1 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 1⤋
Did your previous owner default on a loan related to your new house, was he a builder! If you used an escrow company, the answer should be no, part of their function is to see that there are no liens, outstanding loans etc, that will carry over to you.
If you didn't use an escrow company, maybe there are some legal items, such as loans, liens you are responsible for. A real Estate attorney can answer this for you much better than anyone, their fees are pretty modest for low end question answer sessions, of course it could get sticky and expensive if there is a big fly in the ointment, if you get my drift!
2007-01-02 03:00:23 · answer #2 · answered by Robert D 4 · 0⤊ 1⤋
For the loan to be validly secured, it should have been registered with the Land Registry. The chances are that it was not and that the loan company is trying it on. Tell them that you are the freeholder and that there are no loans secured against the property. If they can prove otherwise, get it lawyered.
2007-01-02 02:58:05 · answer #3 · answered by Anonymous · 0⤊ 1⤋
There is a question of a valid title to the house. When you purchased it was there a title examination? that would have discovered any encumbrance upon the house. It the title exam was done, and nothing was found, but it is later discovered that something was missed, you may have the right to sue the examiner, or the attorney who hired him. Basically speak with an attorney.
2007-01-02 02:57:12 · answer #4 · answered by Beau R 7 · 0⤊ 1⤋
no of course not. it their loan, and once they sold the house they can no longer secure the loan with the house
they would have been obliged to tell the loan provider if they sold the house, and the loan company would have taken it from there
2007-01-02 02:55:47 · answer #5 · answered by monkeynuts 5 · 0⤊ 1⤋
If it wasn't paid off before you closed on the home, yes.
If the title company or your attorney didn't catch that you'd have a claim against them for malfesance. Most often you'd just file a claim with your title insurance company and let them sort it out.
2007-01-02 03:07:32 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 1⤋
The previous charge should have been cleared on completion, the solicitors acting for you should have received an undertaking from the sellers solicitors to discharge this. If they didn't you may not have a clear title but your solicitors may be guilty of incompetence. Speak to them about it to see what lead to this.
2007-01-02 02:58:57 · answer #7 · answered by Anonymous · 0⤊ 1⤋
DEPENDS ON WHERE YOU ARE.
IN THE UK OR USA THE DEBT IS ONLY SECURED ON THE PROPERTY.
IN SPAIN (AND SOME OTHER COUNTRIES) THE LOAN IS RELATED TO THE PROPERTY AND CAN BE RECOVERED FROM THE CURRENT OWNER EVEN IF HE DID NOT INCUR THE DEBT.
2007-01-02 06:22:12 · answer #8 · answered by Do not trust low score answerers 7 · 0⤊ 1⤋
That is illegal, you need an attorney NOW!
2007-01-02 03:56:47 · answer #9 · answered by TaylorProud 5 · 0⤊ 1⤋