Arkansas | Real Estate Law
Legal Question
Big Title Insurance Problem -- Someone help!
I bought my current home in August of 2004. I went to refinance my mortgage and the title company informs me that there is a 'new' lien against my property. Turns out the former owners took out a second in March of 2004. This second did not come up on the title search when I purchased the home and subsequently was not paid off at closing. For some unknown reason, the lien on the second was not perfected until December of 2005. Of course the original title firm says its not their fault as the original owner's second was not perfected and not public record. To make matters worse, the institution that originated the former owners' second is now bankrupt. How can I track down what happened to the second loan? And which party (if any) can I leverage on this to get it corrected?
thanks
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Read More Answered By: Kevin Keech |
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