We just found out that our land and home is someone else's property

[cartay493]

Thank you so much for all of your help. You have given me great advice, told me where to start and what to look for. I appreciate the time and effort you have given my situation today.

 

[nextwife]

Thank you for your reply, but if you read the entire posting, you'll find that we DO have title insurance.

Actually, it sopunds like all you have is a loan policy insuring the lenders loan position. Is there anything showing you paid for an OWNER'S policy, not just the loan policy required by the lender?

 

[justalayman]

Actually, it sopunds like all you have is a loan policy insuring the lenders loan position. Is there anything showing you paid for an OWNER'S policy, not just the loan policy required by the lender?

That may be true and if that is true and the OP would lose their home, at least it would relieve the OP of any liability up to the amount of the insurance policy. Better than losing the home and owing for the loan.

 

[cartay493]

Ok...... This is getting more complicated all the time. I figured, since we refinanced in 2003, that the title insurance holder from that date would be the one I need to speak with correct? Not the first title insurance company from 2000? - If I'm right, I've run into a snag because I just found out that the title company (from 2003) was dissolved in 2005. - I looked last night and didn't find any paperwork from either title search/insurance company. I plan on looking deeper tonight. Does anyone know who else would have a copy of that information? - Thank you in advance.

 

[nextwife]

Ok...... This is getting more complicated all the time. I figured, since we refinanced in 2003, that the title insurance holder from that date would be the one I need to speak with correct? Not the first title insurance company from 2000? - If I'm right, I've run into a snag because I just found out that the title company (from 2003) was dissolved in 2005. - I looked last night and didn't find any paperwork from either title search/insurance company. I plan on looking deeper tonight. Does anyone know who else would have a copy of that information? - Thank you in advance.

You need a copy of your OWNERS POLICY, likely issued at purchase. That is what insures YOUR owner's interest.

The title AGENCY may have been dissolved, but the underwriter is likely still around. On whose paper was it issued? Lawyers, Chicago, First American, etc? Call the underwriter, have the policy and issuing agent info available.

 

[justalayman]

you may have purchased an additional policy when you refinanced but if you purchased one in 2000, that would still be valid BUT if it was a lenders coverage policy, it would no longer be in effect because it was purchased to protect the named lender. If it was an owners policy (which I believe nextwife is likely correct in her assumption that it was a lenders policy) it would still be in effect.

Same thing for the newer policy.

a title company is not necessarily who issued the policy. The office you deal with is usually a company that researches titles and with that information, applies for an insurance policy from an actual insurance provider. It's much like dealing with an insurance broker for your car. The guy you are talking to usually isn't "the insurance company" but either a broker or representative of the insurance company.

hopefully nextwife stops back in here. This really is her specialty and may have some direction for you. Without access to the title company you dealt with, I'm at a loss as to where to look. If she doesn't post today, you might try PM'ing her.

 

[cartay493]

Thanks again.....I'm just getting overwhelmed with this.....Today I find out that the clerk's office is only open for research m-f 8:30 - 4:30, and I work m-f 8-5**************... I agree, I hope that nextwife comes back with some advice. Thank you, thank you, thank you for being so helpful.

 

[nextwife]

See post #20 from 1:01 pm today.

Dig through your original closing papers and look for any title insurance, many times the owner's and lendere's policies are issued simultaneously. Come back and tell us what you find.

 

[cartay493]

Hello Nextwife, I've gone through the original closing papers from 2000, and the ones from refinancing in 2003. I can't find any title insurance policy. They both have title insurance itemized on the buyer's columns of the settlement statements. The original has a local law firm listed, and the one from 2000 has a title co. listed. ----So, if these are lender's coverage insurance, then the one from 2003 would be the valid one, correct? Should I ask the mortgage co. for a copy of the title search and title insurance? I'm guessing they are the only ones that have this information. - Although I had not wanted to involve them yet. ----Thank you in advance, cartay493.

 

[LdiJ]

Hello Nextwife, I've gone through the original closing papers from 2000, and the ones from refinancing in 2003. I can't find any title insurance policy. They both have title insurance itemized on the buyer's columns of the settlement statements. The original has a local law firm listed, and the one from 2000 has a title co. listed. ----So, if these are lender's coverage insurance, then the one from 2003 would be the valid one, correct? Should I ask the mortgage co. for a copy of the title search and title insurance? I'm guessing they are the only ones that have this information. - Although I had not wanted to involve them yet. ----Thank you in advance, cartay493.

I really feel that you should not be talking to ANYONE about this until you have consulted with a local real estate attorney.

 

[Ozark_Sophist]

Thanks again.....I'm just getting overwhelmed with this.....Today I find out that the clerk's office is only open for research m-f 8:30 - 4:30, and I work m-f 8-5**************... I agree, I hope that nextwife comes back with some advice. Thank you, thank you, thank you for being so helpful.

You may want to pay another title company to research your property to make sure this is really an issue. But I would do as others have suggested and retain a real estate attorney to represent you.