HUBZU-Title Issues
We are in the process of closing on an investment property that was offered on the Hubzu website. After much frustration with their bidding process we finally went under contract with an all cash offer. We chose a local title company that we trusted to do the closing. A couple days before close we received notice that the property was being denied title insurance due to a break in the chain of title between Deutsche Bank and Ocwen. Alitsource (Ocwen's representative) has tried repeatedly to provide something to satisfy the requirement, but has been unable to produce the required document. They then requested we change title companies and use their title company. However, they are also unable to provide a title commitment. I am sure the document exists somewhere, but everyone we speak with is from India and I don't think they understand what we are looking for. Our original close date was 2 1/2 weeks ago and we do not seem any closer to closing than when we started. Altisource has now contacted our agent to see if they have any ideas to get this closed, but aside from closing without title insurance (which we do not want to do) I can't think of any. Has anyone else had this trouble with Hubzu?