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Updated over 12 years ago,

User Stats

46
Posts
9
Votes
Rachel Zhang
  • Investor
  • Fremont, CA
9
Votes |
46
Posts

litigation necessary? cloud on title caused by bank

Rachel Zhang
  • Investor
  • Fremont, CA
Posted

I bought a property at a trustee sale when the 2nd lien was auctioned. I know that I am subject to the 1st and the 3rd is wiped pout.One month later after a rehab and property was in contract with a new buyer via a MLS listing, the 3rd lien holder (a bank) filed Notice of trustee sale. After I notified the trustee and the bank, one month later, the bank informed me that they are just aware of the issue and are looking into it..another month passed, they are still looking into it...meanwhile I am paying the mortgage for the first and the house is sitting pretty and empty. The buyer probably will go away since he can't get a clear title and title company conforms with me it is an error on the bank's side, but they won't issue title until it is resolved...as for me, I do not understand why it takes 2 months to yet figure out the positions of senior and junior liens...by the recorded date, unless the bank did something long time ago,messed up their recoding date. I am running out of patience for the bank to take action...I figure even when they admit the mistake, they won't compensate me for the extra months mortgages and expenses due to the delay.What type of attorney shall I seek? Specialized in title? and what compensation shall I ask for?

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