Can someone help me with this? I am buying a condo but it supposedly has a lien attached. The statement say principle balance 0. Loan 59k supposable corporate advance that’s what they told heir. Corp doesn’t exist anymore. Director passed away 2 yrs ago. Heir get a statement every month but no payment due. Can this be removed so I get clear title? If so how?
@Beatriz Garza , don't all liens get dealt with at closing?
ie. Isn't it the Seller who might have to worry, not the Buyer?
Check with your Realtor. Good luck...
Our attorney ensures clean unclouded title & then he makes sure we can get title insurance. As mentioned above, the seller takes care of any financial costs to ensure title is clear, or we don't close..period.
I'm assuming there's an unreleased Deed of Trust of record the statement is based on. If so I'd have the seller call the number on the statement and request a Release to be recorded in a form sufficient to allow the title agent to issue a title policy w/o exception for the DOT..
I bought two other Condos from the seller, we just weren't able to close on this one. Chase keeps giving him the run around and nobody seems to be able to help. He inherited the properties from jis sister, he is a physitian and just doesn't want to mess with it. He is willing to just deed to let me have it subject to, but I want to make sure I can get it released.
Chase is certainly still around so what corp is dissolved? If he's willing to convey it subj to you could take title and bring a quiet title action to force Chase to respond. Have you gotten a title commitment and confirmed there's nothing else of record the title company will require be removed or taken subj to?
The corp that was dissolved is the one that got the corporate advance. Plus this was originally issued by Washington Mutual, I guess it was sold to Chase.
Have you received a title commitment and does it have a requirement for a release of the DOT?
I just had this happen and my seller, the heir, after many frustrating appointments and phone calls, wrote a Notice of Error to whatever address the lender says to send notice of errors (might be on your statement), explaining that it was clearly paid off but never closed and recorded. She had to then provide, again, the death certificate and proof she's the administrator of the estate (to 3 different departments within the bank), and then they finally closed the account and recorded the release. It took several weeks, but only because she stayed on them and provided everything they requested asap. It could have been much longer. This was not Chase, but assuming it's the same run-around with most. I believe a title resolution company could resolve it but your seller would need to provide the same information to them as well. Something about Qualified Written Requests and Notice of Errors means the lender has to respond in a timely manner versus just calling in to customer service, where they can ignore you for longer than you can stay sane.