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Title Wasn't Clear |
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We purchased a house from the seller over a year ago. There was no realtor involved and the deal was set up by the mortgage broker. So we recorded the property as being transferred for $1.00 (one dollar). Six months later we secured a mortgage and used that money to pay off the seller. Recently when we tried to apply for a refy of this mortgage we found that the seller still has a mortgage that they were paying off on this property. Now we find that we can not refy our mortgage until the seller's mortgage is satisfied. What are our options in this situation? We wish to re mortgage at a lower APR. |
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You say a mortgage broker set up the deal, but you don't say who handled the closing. Someone should have been checking to see that you received a clear title. A title search would have showed up the seller's mortgage. On the other hand, it's hard to see how you could have placed your own mortgage -- a search made at that time would have showed the existing lien. Perhaps what you got is really a second mortgage or home equity loan.
At any rate, what you need now is a good talk with a lawyer who specializes in real estate. That's all I can really tell you. |
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Edith
Originally published on April 16, 2008 |
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