U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 03-22-2012, 11:45 AM
 
3,174 posts, read 2,541,869 times
Reputation: 3151

Advertisements

'I would think" has gotten some people I all kinds of mess. Always use a lawyer who represent you.
Quick reply to this message

 
Old 03-22-2012, 03:52 PM
 
831 posts, read 1,303,942 times
Reputation: 381
Quote:
Originally Posted by Caltovegas View Post
'I would think" has gotten some people I all kinds of mess. Always use a lawyer who represent you.
Well, considering the current lender would have to provide said payoff, "I would think" turns into 100% certainty.

The payoff would be an amount to fully satisfy the note(s). Whether they tack on late fees, default interest, etc. or not. But the letter states the lien will be released upon receipt of payment.

I'd only be worried about not closing b/c the current lender doesn't provide a payoff figure in time for closing. I would call the closing attny and make sure the payoff letter is already in hand. If not, get it TODAY! Also, has title been pulled? Typically, people who have not paid their mtg haven't paid other items which show up on title and can delay closing.

I assume you're closing on a Friday and the home is being auctioned on Tues?
Quick reply to this message
 
Old 03-22-2012, 09:50 PM
 
30 posts, read 35,776 times
Reputation: 13
You are right about the closing and foreclosure day.my lender said by Wednesday we'll get the payback details and more info will be told about the title.
I've lost faith in the seller and want to terminate this offer.
Can my agent do this?will a lawyer cost too much?
Quick reply to this message
 
Old 03-23-2012, 07:48 AM
 
30 posts, read 35,776 times
Reputation: 13
Thank you all!
Is it too late to wait until next Wednesday to get the payoff letter & title as my closing is on Friday, the same week.
Should i go ahead and employ a lawyer?
I already spoke to lawyers and they said we can terminate and my real estate agent can do that for me.But my agent says that would be a breach of contract and we should wait until Wednesday for the bank to get back.
Is that right about the breach of contract?
Quick reply to this message
 
Old 03-23-2012, 09:06 AM
 
1,660 posts, read 1,648,039 times
Reputation: 712
Quote:
Originally Posted by prime View Post
Thank you all!
Is it too late to wait until next Wednesday to get the payoff letter & title as my closing is on Friday, the same week.
Should i go ahead and employ a lawyer?
I already spoke to lawyers and they said we can terminate and my real estate agent can do that for me.But my agent says that would be a breach of contract and we should wait until Wednesday for the bank to get back.
Is that right about the breach of contract?
Is this a home that you truly want? Given the late date it can become more complicated if you pull out now. If the proper documents can be provided at closing, why not go through with the sale. This is not an ongoing relationship with the seller that you need to have confidence in them. You just need to make sure that clear and legal title of the property is transferred to you upon sale.
Quick reply to this message
 
Old 03-23-2012, 09:14 AM
 
408 posts, read 538,791 times
Reputation: 189
Don't listen to what your agent is telling you- they just want their commission. Listen to the attorney. Like the previous poster mentioned, if you can get clear title (meaning no liens on the property and all current mortgages paid off) there is no need to get out of it if you want the house. You probably got a better price because the sellers knew this was coming.

That being said, in NY we have an attorney to represents us as the buyer. I know that is not commonly done in GA. I would expect that the lenders attorney needs to ensure there is clear title. I would ask about owners title insurance too. The regular title insurance only protects the new lender not you. If I were in your shoes, I would call the lenders attorney to ask him/her what the procedure is and have him assure you all will be well. I keep asking my agent in GA if I need an attorney as a buyer and she keeps telling me the title company and lenders attorney generally take care of it. I have a family friend who is our attorney for the sale of our home in NY so if I were in your situation I would get advice from him. Definitely talk to attorneys until you get comfortable with how this all works.

Good luck to you!
Quick reply to this message
 
Old 03-23-2012, 02:55 PM
 
Location: Athens, GA
360 posts, read 486,247 times
Reputation: 364
Quote:
Originally Posted by prime View Post
You are right about the closing and foreclosure day.my lender said by Wednesday we'll get the payback details and more info will be told about the title.
I've lost faith in the seller and want to terminate this offer.
Can my agent do this?will a lawyer cost too much?

The closing attorney will have the payoff amount from the lender.
If the proceeds from the sale will not cover the payoff, the closing attorney will require certified funds for the difference to close the sale.

The closing attorney will do a title search prior to the closing.

Unless it is public record the seller's mortgage is non of your business.
Quick reply to this message
 
Old 03-23-2012, 03:17 PM
 
Location: Inman Park (Atlanta, GA)
19,801 posts, read 8,069,852 times
Reputation: 10530
Purchase Owner's Title Policy! It will protect you against any liens on the property that the closing attorney may not have discovered in their title search. You know you should purchase it if your Lender requires you to purchase Lender' Title Policy at closing. It is a one time cost.

Why Buy an Owner's Title Insurance Policy? - WSJ.com
Quick reply to this message
 
Old 03-24-2012, 09:48 AM
 
30 posts, read 35,776 times
Reputation: 13
The attorney says they are confident with the title .My only worry is what if the bank mess up the foreclosure process and hassle us down the line after the sale. We have taken title insurance
but the fact that there is a possibility of some legal issues arising out of improper foreclosure process and the time it takes to unravel that is our worry. Can this happen?
Quick reply to this message
 
Old 03-24-2012, 09:55 AM
 
Location: North Metro Atlanta
4,841 posts, read 6,040,452 times
Reputation: 3901
thats what owner title insuracnce is for, let them fight it out for you....

Yes, there have been reported cases of banks foreclousing on next owner. I'll see if i can find link to WSB story.

http://www.wsbtv.com/news/news/local...newly-p/nHdB5/

Last edited by flyonpa; 03-24-2012 at 10:01 AM.. Reason: Found Link
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top