What to do about a foreclosure deed that was not filed?
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What to do about a foreclosure deed that was not filed?
A foreclosure deed was not filed on a home that we are purchasing and this was not disclosed to use until it came close to our closing date. Now it has been 4 months and we still have not closed on the home. The real estate broker is not giving any information from the seller (bank). Can we sue them or what can be our recourse to get this over with so that I can move on?
Asked on August 17, 2011 Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The hold up for closing on the property seems to be that you entered into contract with the prior property owners who had a loan for this property secured by a trust deed or mortgage but they did not dislcose to you that the property they were selling had been foreclosed upon and that they no longer have title to the property you want to sell to you.
Since the property has been foreclosed upon and some other person or entity has legal title to the property via a trustee's deed received at the foreclose, you proably were never in contract with the actual owner of record of the proeprty you want. This is the reason fo the delay.
You should consult with a real estate lawyer on the subject right away.
Good luck.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for the situation. First, do you have an attorney? You really need to get one because he or she has to find out why has the deed not been filed. But what recourse are you looking for here? Do you want to sue for specific performance on the contract? That is where you force them to close on the house. I think that you have a lot you can probably sue for including all the fees you have incurred with the house and the attorney and the bank. You may also be able to void the contract at this point in time. But you need legal help here. Do not trust the broker. Good luck.
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