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  #1  
Old 09-21-2006, 07:15 AM
Peabug
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Default How could this happen?

My sister in law and family were doing a rent to own on a house. Finally got there credit together well enough to purchase the home from the owner.
Through time they were able to purchase another home and decided to use there first one as rental income. They have had this home in there name for a little over a year or so. Well there renters called them the other day and said that a surveyer was over there surveying there home. I was on the phone with her also at the time and told her "Unless you are selling your home or have ordered a survey, they have no reason to be out there. After digging for a bit on what was going on we found out that the house was on the verge of being repossesed because there was a loan taken out on it a while back by a previous owner and it wasent being payed. Shouldnt the title company have found this out before the closing of the home???? What happens now? I have told my SIL to get herself a realestate lawyer.
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  #2  
Old 09-21-2006, 08:13 AM
Ole_chilli
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Quote:
Originally Posted by Peabug
My sister in law and family were doing a rent to own on a house. Finally got there credit together well enough to purchase the home from the owner.
Through time they were able to purchase another home and decided to use there first one as rental income. They have had this home in there name for a little over a year or so. Well there renters called them the other day and said that a surveyer was over there surveying there home. I was on the phone with her also at the time and told her "Unless you are selling your home or have ordered a survey, they have no reason to be out there. After digging for a bit on what was going on we found out that the house was on the verge of being repossesed because there was a loan taken out on it a while back by a previous owner and it wasent being payed. Shouldnt the title company have found this out before the closing of the home???? What happens now? I have told my SIL to get herself a realestate lawyer.


Title insurance , please tell me they bought Title insurance ..

If they did and most banks require it they will be okay . If they didn't you only bet is to sue the titel lawyer and hope she has errors and ommision insurance. becasue they missed a claim
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  #3  
Old 09-21-2006, 06:44 PM
Peabug
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Yes they do have title insurance. But could they still lose the house?
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  #4  
Old 09-23-2006, 05:46 PM
r8rpwr
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They should not lose the house; that is what title insurance is for.
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  #5  
Old 10-05-2006, 03:46 PM
sub-zero
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Yeah, if they have title ins, they shouldn't have a problem.
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  #6  
Old 10-09-2006, 08:43 AM
barbiedoll1973_tn
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OH my gosh this is terrible what is the update on this I hope that they have got this all fixed . this is the type of things that would happen to my husband and I we are just back luck... Keep us posted.
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  #7  
Old 10-12-2006, 08:20 AM
Peabug
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So far they havent heard an update about it..Im assuming that thier lawyer is working things out. Very scary, hope all goes well for them, will keep you posted.
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