Parcels Under PART of Homes or Businesses

[Arnold Finkelstein]

I have, yet again, found a delinquent parcel (often deeds) upon which part of a home or business rests.  In this case, half of the home sits on this parcel, which the county has assessed as only land.  

Is there an investment strategy here?  I'd be happy to sell it back to the owner, but assuming one wanted to go so far as to file an ejectment (which I probably don't), I assume you can't eject someone from half of a house, or 1/5 of a business, or split it up like that terrific I Love Lucy episode.  What is the strategy in these cases?

[Denise Evans]

Especially for mortgage loans generated 2004 to 2008, banks were VERY sloppy. It would not be surprising that a bank did not get a survey, or got one and never even looked at it.  Or got a survey for a house to be built under a construction loan and never confirmed the forms for pouring up foundation or footings were actually on the property. When I was negotiating a lot of short sales in Baldwin County for luxury beach properties owned by people with complicated financial lives, I did a lot of my own title research. I noticed that a lot of the transactions had deeds and mortgages and then correction deeds or correction mortgages filed later. I was curious how often that happened, and actually counted the number of correction documents filed in a twelve month period. It was almost 20% of the total transactions.  Stunning corrections like they forgot to get documents signed, or the property description was for something 8 miles away, or the wrong names were on the mortgage even though the right people signed.