Post-closing question

[seniorjudge]

**A: boy, you must have had your Wheaties this morning.

Actually, it was grits.

 

[HomeGuru]

Actually, it was grits.

**A: then I hope it was lowfat organic grits.
If you need walnuts to go with those grits I know someone that has too many nuts.

 

[Samm1970]

because they may possibly have some possessory or equitable interest in the real estate.

So by possessory, you are saying if they live in the home? An example of equitable interest might be an heir who is named in a will or something like that? I'm just trying to think of who might have an equitable interest in a home they don't have title too.

 

[seniorjudge]

So by possessory, you are saying if they live in the home? An example of equitable interest might be an heir who is named in a will or something like that? I'm just trying to think of who might have an equitable interest in a home they don't have title too.

Good examples.

 

[HomeGuru]

So by possessory, you are saying if they live in the home? An example of equitable interest might be an heir who is named in a will or something like that?

**A: no because an heir named in a will has no equitable interest in real property. An heir is said to have a beneficiary interest in said property.

***********
I'm just trying to think of who might have an equitable interest in a home they don't have title too.

**A: well how about a Buyer on a land or installment contract?

 

[seniorjudge]

**A: well how about a Buyer on a land or installment contract?

Good one.

Me, being a belt and suspender kind of guy, would include heirs (just so I could get nasty phone calls).

Different lawyers do foreclosures differently (obviously). The big shot attorneys whose foreclosures I've seen include just about anybody they can think of.

 

[Ciarraine]

This really is news to me. I've been in the mortgage business 13 years, have attended hundreds of closings and I don't think this is the general understanding of most people in the industry - including title attornys & title closers.

I'm not questioning what you're saying. I believe what you say is true. I'm just a little surprised it's taken 13 years to learn this.

I guess it's true... you learn something new everyday. Thanks for hanging in there with me and thanks for the educateeeoooon!.

Ditto.

Thanks for the education HG & SJ

 

[Samm1970]

HG and SJ would probably include the post man, the garbage man, the mistress, the insurance agent and the dog. My poor little pooch, Gilbert, would have a nervous breakdown if he got served foreclosure papers. Or he'd just pee on them.

 

[seniorjudge]

HG and SJ would probably include the post man, the garbage man, the mistress, the insurance agent and the dog. My poor little pooch, Gilbert, would have a nervous breakdown if he got served foreclosure papers. Or he'd just pee on them.

Also the kid who delivers the newspaper.

 

[HomeGuru]

Also the kid who delivers the newspaper.

**A: and the kid's Mom.