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#1
06-28-2005, 01:04 PM
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 "lender negligence"What is the name of your state? Ky Seeking information on "lender negligence" by mortgage company. I paid title insurance at closing. Mortgage company failed to record title to doublewide mobile home 7 years ago. Only recorded deed to land. Lost my home in simple Chapter 7 bankruptcy due to mortgage company negligence. Have had to purchase my home/land back at "fair market value" in order to keep it. Took a $80,000 investment loss (down payment, improvements, garage, payments over 7 years) due to the mortgage companies stupidity. Am not a "happy camper"**************************** Am looking for any information available regarding "lender negligence" when it comes to mortgages and banks. Any suggestions?? Thanks, Minnymouth  |
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#2
06-29-2005, 09:50 AM
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**A: did you not lose the home due to non payment of the mortgage payments? |
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#3
06-29-2005, 01:03 PM
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| Ky No, all mortgage payments were current. Filed simple Chapter 7 no asset case. At 341 meeting Trustee took title to my doublewide home - said it was a "clear title", thus becoming an asset..... Talk about a "shocker"...... A long story in short form************** Bank/mortgage company/title company failed to record title 7 years before at closing (title is still in sellers name). Land deed was recorded but not mobile home title. For 7 years: 1. I didn't even own the home - just the land 2. Bank had lien on land only - not home also. 3. Mobile home still in sellers name. Trustee took home because of "unperfected title" as MY ASSET to resell. I had reaffirmed with the mortgage company on the home not knowing about the title - NO ONE KNEW ABOUT IT, till Trustee found it. Lost my home in all the process**************..and the bank took the land back unless I wanted to pay $100,000 for a $10,000 peice of land with no home on it. Who's responsible for the "clerical error" that caused me to loose my investment and my home???? I did nothing wrong except file a Chapter 7 no asset case and reaffirm on my home/land. I got royally screwed over by either the mortgage company or the title company. I paid for "title insuance" at the closing 7 years ago... Any suggestions, or ideas where I can research some info on this?? I have been in Chapter 7 for over a year trying to clear this mess up. Have to purchase my home back from the Trustee and the land back from the Bank at FMV. So I lost my $80,000 investment over 7 years. Surely they (morgage company/title co) can't get away with this legally???? Any ideas or help would be greatly appreciated... Minny Last edited by Minnymouth; 06-29-2005 at 01:19 PM. |
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#4
06-30-2005, 04:50 PM
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| Ky Still seeking info on the above. Bk lawyer says he does not handle this type of lawsuit. Do I use a real estate lawyer???? What was the purpose of me paying for "title insurance" if it doesn't protect my interest in investment?? Surely there is some way to recoup my losses for their negligence. Bad enough I had to claim BK - but to become a "victim" at the expense of a corporation makes it even worse. Been a "hell of a year" - and it isn't over yet! Sure could use some suggestions, folks??  Thanks |
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