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-   -   Buying a forclosure house (https://britishexpats.com/forum/trailer-park-96/buying-forclosure-house-865630/)

Pulaski Apr 11th 2016 2:02 am

Re: Buying a forclosure house
 

Originally Posted by RICH (Post 11919375)
Do you think they could have executed a lien, if you had not paid them?

Yes.

RICH Apr 11th 2016 2:16 am

Re: Buying a forclosure house
 

Originally Posted by Pulaski (Post 11919380)
Yes.

ok, but your Title insurance protects you from such spurious claims, right?

Pulaski Apr 11th 2016 3:25 am

Re: Buying a forclosure house
 

Originally Posted by RICH (Post 11919388)
ok, but your Title insurance protects you from such spurious claims, right?

Right. And the cost is peanuts compared to the price of the property.

scrubbedexpat099 Apr 11th 2016 4:22 am

Re: Buying a forclosure house
 
Not quite my understanding but we also may be talking cross purpose.

UK has such things as Defective Title Insurance.

Bob Apr 11th 2016 1:01 pm

Re: Buying a forclosure house
 

Originally Posted by RICH (Post 11919375)
Do you think they could have executed a lien, if you had not paid them?

Around where I am, yes.

A friend of ours, the town even put one on their property, so that the town could get a loan to pay for the road widening. They're something like the 80's house down the list for the loan to be paid back, so basically their house is now unsalable unless they stump for the $30K to get the lien off.

Tarkak9 Apr 11th 2016 6:12 pm

Re: Buying a forclosure house
 
Anyone can cloud title .... its just a matter how legally enforceable it is! A lien take many forms - such as, a judgment, as a recorded claim upon a person who holds property as an asset/collateral and placed on the property as secured redemption; a mechanics lien is work performed on real property, therefore an actual interest can still remain on the real estate despite the legal owner and change of such. Not all interests to a property have to be, or actually are, publicly recorded. A deed, easements, water/mineral rights, a lease .... encroachments, a RE contract, are all interests in one form or another, therefore, may affect the conveyance and (clear) chain of title of real estate. You also have to think conceptually to remember the boundaries physically represent (interdependently) the legal description.

What is and isn't insured/covered by Title Insurance will depend on the policy etc, so its very important to read the exclusions and verbiage of such.

RICH Apr 15th 2016 7:06 am

Re: Buying a forclosure house
 
So, following the court proceedings, turns out the bank filed an emergency motion to stop the auction.

It was denied/ too late but wtf? Why?


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