Urgent, Title Problem, Closing On 9/28!
I am selling my house and was scheduled to close next Thus. However, by doing the title search, my title co. found out that the previous title co. screwed up by completely ignoring the equity line the previous owner had, so the lien is still showing on my house! The previous title co. did issue us a insurance policy. But, I am totally freaked out on this. I really want to close as soon as possible, I don't know how long this takes to clean all this shxx out! Can anyone shed some light on this?
Dont' sweat it. Contact the title co. that was used to close on the line of credit and have them issue what is called a hold harmless. Basically this is a document that holds you and any future lien holders harmless of that existing lien. Talk to your current title co. and make sure they are also working at resolving this. I am a mortgage broker, and this happens from time to time so just make your phone calls and be persistent and they should have no problem taking care of this by Thurs.
Thank you. So this is like an interim document that at least let us close on Thur, but I still need to claim the title insurance right?
Great advice, DaShow!
[addsig]
Thanks leaseoptionking!
Overanalyzer,
you should be fine to close on Thurs. and the title co. will take care of the title ins., which you have to have if you are closing with a lender. Just give them a call tomorrow and everything should be fine.
Great! luckily my buyer is a cash buyer which no lender is involved. Thanks a lot.