Title Problems

[SimpleMind]

What is the name of your state (only U.S. law)? Wisconsin

Hello..
I am about 4 or 5 months behind with our loan from Bank of America. Our household had a variety of hardships the last few years. (unemployment, unexpected medical bills, car accidents, money stolen from checking account etc...) The last year has been awful. I am trying to work with Bank of America to get caught up, or a modification.

My modification is at a road block. The title of my property is showing the 1st Lein Holder as Wells Fargo. 2nd Lein Holder as Bank of America. Problem is I never had a loan with Wells Fargo. I have absolutely no idea why they are there. Bank of America wants me to clear this up, and work with Wells Fargo to release they are the leinholder at my expense. I see no other option but to spend thousands of dollars in legal fees trying to get this corrected, but is it REALLY my responsibilty to clear this up? Afterall, isn't it Bank of America's responsibilty to validate this debt with me? And if I change the title, wouldn't it be eaiser for Bank of America to foreclose on me at my expense? Is there anyway I can clear this up on my own without an attorney?

 

[nextwife]

Why do you need to spend ANY money to clear it? Have you reviewed your purchase closing docs and title? Was Wells paid off at closing when you bought the house? Do you have a copy of the closing statment? IF Wells was paid off but never recorded a release, it should be to document and then have them issue a duplicate originAL. Review your docs and perHAPS Contact the title company/closing agent who closed it for guidance. In WI, most residential closings are done by title companies or closing agents.

Start with your closing docs/title insurance.

 

[SimpleMind]

Wells Fargo

The problem is there is no paper trail. I never had a loan with Wells Fargo, there is no record of any Wells Fargo mortgage on my property. Somehow in 2005, Wells Fargo showed up as the first leinholder on my title without my knowledge. Nothing on file at the court house, no paper trail. I contacted several Wells Fargo customer service reps, they tell me they have no record of my property showing up on any loan, and advised me to get an attorney to clear the matter.

 

[SimpleMind]

also

Also.. I have no idea why I have to go through this expense... If I had a few grand, I would be caught up with my mortgage. Why should I go through the trouble to make it more convenient for Bank of America to foreclose on me?

 

[nextwife]

Obviously, there IS a record of Wells Fargo having a mortgage on this property. Just because you don,t personally have a copy of the search that shows this does not mean it does not exist.

Have you asked for a copy of the title report and supporting document from which they are making this claim? Have you reviewed the document?

Does the legal description match what you own?
What mortgages were paid off at purchase ( have you pulled out and reviewed your original closing statement?)
When was it executed and by whom?
Was the date before or after your full ownership?
Did you get title insurance when you bought the house, and if not, how can you KNOW you took title without a prior unsatisfied mortgage?

Instead of ranting about how unfair it is that they discovered a potential issue that could be problem someday when you wish to sell, have you really done the research to try to show them why and how they are mistaken?