Real Estate Question

[fortmyerscrazy]

I have a perplexing situation.

Home sits on 2 seperate lots.

I have a piece of property from my parents estate that I purchased from my parents.

The guardian of their estate handed the mortgage my parents had on their home and one of the lots that the home sits on.

However the lot that I purchased was bought seperate from the mortgage on a seperate contract, and part of the home sits on this lot.

The home can not be sold due to their being 2 lots and 2 different owners of the lots that the home sits on.

I have been trying to work with the mortgage company, but they seem to be avoiding me.

Everytime I have called I get transferred to another rep who has no clue what to do.

I have been in contact with their foreclosure dept with the same result

Its a really long story but the home has been allowed to sit empty for 2 years and is in need of repairs.

What can I do.

I told them in June that I was charging them $1,000.00 per day that their home sits on my lot, but still no reply, recently I told tham again that on the 19 of August all the mortgage payoff will be eaten up by the lot rent...
What can i do?

And I also told them that on August 30th I will be placing a lien on the other lot and the home..I need suggestions.

[Diolla]

Re: Real Estate Question

The mortgage people won't have a clue, you need to talk to the title company who has the title insurance policy for the house. Here we call this situation a 'clouded title' and you cannot sell or transfer ownership of a property without 'clear title'. Usually the title insurance will pay the legal fees necessary to clear the title.

If you don't have a title insurance policy you will need to talk to a lawyer who specializes in property law.

IMHO- a piece of land with a clouded title is worthless and that includes the lot you own. It would be in everyones best interest to get it cleared up.

[Saving in So Cal]

Re: Real Estate Question

Although talking to your title company was a good suggestion, don't be surprised if they aren't helpful. This is not kind of fact pattern they typically deal with. Diolla is right. What you really need is an attorney that practices real property law in your state. A family friend or neighbor who is happens to be an attorney won't do. You need an expert familiar with your state's real property laws.

Diolla is also right in that your property is effectively worthless until you get this fixed. In addition, it is possible you may have financial liability you don't know about because of the nuances of property law. Best to get fully informed.