All Forum Posts by: Daniel Hart

There is neither

I misspoke, I know it was disbursed, but not necessarily to him. I agree that it would be improper to release proceeds to him.

I believe the father was alive at the time. The other siblings owned and borrowed against the house. Neither the son or father borrowed against the house.

YES! Thank you! :)

Thanks everyone, lots of good thoughts. I'll update the thread when/if something happens. The only upside is that the transaction was done in my s-corp and that corporation doesn't have any assets, but of course that doesn't help the buyers.

Wayne, good thought but there were actually excess proceeds and I believe he already received them.

K Marie, the son is crazy and wants far too much to make a buy out feasible

K Marie, good point, I don't recall if the fathers estate was probated or not. Everyone feels that he is able to sign off on the deed if he will agree to an amount, but I'm not sure where that confidence came from.

Bill, sorry it was mainly Tiffany I was referring to regarding the confusion of who's loan it was. You're right, the title company who represented the lender way back when royally screwed up.

K. Marie, The hard money lender is secured with a deed of trust. I'm pretty sure they had lenders title insurance. It's something worth exploring.. The buyer may have to let the lender foreclose.

Wayne, the father had 25% interest, he died at that same interest was passed to the son. So that interest was never mortgaged and can't be foreclosed away.

Wayne, the crazy person is the son of the father who owned the house but didn't sign the mortgage. He would have inherited the interest far before the foreclosure.

Joel, definitely a lesson learned, and next time I will indeed ask to see in writing that it's clear, or I'll be emailing instead of calling.

Joel, sadly there is nothing in writing either between myself and the buyer or myself and the closing attorney. I suppose we all assumed if an attorney is handling the transaction it will be done correctly and we can rely on their statements. We now see that this is not the case.

Challenging the foreclosure itself is definitely an option for the buyers, but they have limited funds and probably won't want to do it.