Answers for David Rouse

Mon, Nov 29, 2010

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David Rouse writes:

We have a Condo that we might have to put on the market soon. We are
current and not underwater on the loan(barely). Back on 06 we refinaced
from a ARM to a 30 year fixed and in the process removed a lien from a
bankruptcy. The originator was WaMu who of course is no more. I don’t
know it for a fact, but it is likely that the loan was sold into a
security. Given the mess with conveying the notes properly from buyer to
buyer and title insurers starting to balk, should I be concerned about a
clouded title reducing the possible sale price of our unit?

Answer #1:
You should consult with your broker or agent on this issue. They should
be able to obtain a preliminary title report on your property to
ascertain if the lien which the bankruptcy court stripped off still
shows as an encumbrance on your title. If it does, you should consider
providing your agent with a copy of the order stripping the lien, so
they can present it to the title company to see if they are willing to
take it off as an exception to the report. If it is still an issue, you
may want to see if your bankruptcy attorney can help. He may need to
record the order.

Duane W. Shewaga
Senior Paralegal
Real Estate Fraud Unit
Telephone: (408) 808-3787
E-mail: dshewaga@da.sccgov.org

Office of the District Attorney
County of Santa Clara

Answer #2 :
f the lien was removed through the Bankruptcy, it is unlikely to still be on the title, however Bankruptcy doesn’t necessarily protect against judgments and liens.

The best thing to do would be to visit the county recorder’s office and pull a copy of the title on the home. The title report will list all the liens against the home. A title company can do this as well, but I am not sure if they charge and how much.

If the there is a lien on the home, it is not going to reduce the sales price of their unit, but may make them underwater. It also depends on the type of lien and what position it is on the title.

Hope this helps

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Cassandra Molina
Team Leader
SurePath Financial Solutions
Consumer Credit Counseling Service
80 N. Wood Rd Suite 200
Camarillo, CA 93010
Phone (805) 383-7700 ext 256
Fax (805) 914-1735

4 Comments For This Post

  1. Janice L. Genvo Says:

    I need your help in regards to refinanicng my home loan a total of $309.000.I;ve been in this home since 1993 (18 yrs. ago )and sold $375,000.00 illegally to group of investors last 07/06/2011 by Recontrastintr and Bank of America is giving me a chance to pay-off the Loan till August 15,2011,so I can get my property back. I need your big help in this matter?do you have program under un-employment homeowner,
    Pls. call anytime @ (415 ) 370-6389 .Janice

  2. becca Says:

    Janice,
    We no longer update this blog but I saw your post and contacted one of our experts for you. He suggests you contact a local
    housing counseling agency or legal service office right away for
    specific advise. If you have a chance to try again for a modification, you might qualify for the CalHFA Keep Your Home California
    program. BofA has agreed to work thru that program for unemployed and
    underwater borrowers.

    I hope this is helpful.

  3. paris caroline skincare Says:

    Hello.This post was really interesting, especially because I was investigating for thoughts on this issue last couple of days.

  4. Carmelia Mullee Says:

    Good collection, many thanks for sharing Eric :)

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