You absolutely should contact a local Real Estate attorney to discuss what options you have to cure any deficiency on the title, and what remedies you may have against the Title Company for failing to properly close on the property.

I was wondering how this would all work out there are going to be people out of work for extended amount of time and as we know most renters miss one week of work and they are broke.My other big thing I am wondering @Greg H. is how the lenders are going to handle the owners who get wiped out have no insurance and walk away from the property.. knowing how aggressive Texas lenders can be with deficiency judgments on mortgage defaults..

Johnathan.. what you also had and you may or may not know was the strategic foreclosures in NV CA and AZ.and the banks could not legally get deficiency judgments at least early on..

The lender can sell the property for whatever someone is willing to pay at this point - and keep all the funds even if the price received is substantially in excess of the amount owed.If the lender suffers a loss on this resale, the lender get file for a deficiency judgement against the borrower personally (he has signed a personal loan guarantee).

Your best answer may be to slow down and solve some of your "deficiencies".  

If the bank is in a state that allows deficiencies, NOT selling it on the open market for the highest price possible could subject the bank to suit by the previous owner when the bank goes back after the, for the deficiency balance (Assuming there is one).

I see I made a major deficiency in purchasing my current property with the age of the key items, e.g. gas furnaces, water heaters, washer/dryers, refrigerators, stoves, plumbing, electrical, etc.

What I have found when speaking to attorneys on 1st position notes and getting a deficiency judgement is it can cost $1,000 - $3,000 to get the judgement, and unless they have other properties as collateral your chances of seeing that $ is slim to none and slim left town or you hope slim hits Powerball or megamillions.

I took the gamble that possible mold remediation in the basement and structural deficiences wouldn't be a greater than $75k issue. 

The original borrower they could go after though for a deficiency is my understanding but it’s a state by state situation.