| cloud on title of foreclosure
What is the name of your state? arkansas
well, we have a signed contract stating that we would close on this forclosure that we want. the closing date was supposed to be october 14th. the real estate agent that is representing the bank that owns the property called me and said that she had bad news that there is a lawsuit going on with the property. the lady that was forclosed upon is suing for her title back based on the fact that there were some forged documents that she didn't do. well, we called the title company and talked with them and they said that the lawsuit has been going on since february. we are just wondering why the bank would sell a property that they didn't have a clear title to and why nobody told us about it. we are closing on our house october 17th and have to move in with some friends because of all of this. we have put $1000 earnest money down, $350 for inspection, and $200 for a septic inspection. what are our rights here and how optimistic should we be of getting this property at all? they are saying that if the lady gets a trial by jury it could take up to 3 years and if they do a nonjudicial foreclosure, it will only take 6 weeks. thanks.  | 
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