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News for Real Estate Investors and Landlords — title defects

Short Sales and Title Defects: Be Prepared!

Posted by 15789465 on

I am in the final stages of a short sale closing.  There is a problem because when the first and second mortgages were originated in 2004, the mortgage company made a mistake when they assigned the first mortgage to Countrywide. Because of the mistake, they actually assigned the second mortgage, not the first. Technically, the mortgage company still owns the first mortgage. Yes, Countrywide and then Bank of America have been collecting payments all these years. Yes, Bank of America agreed to the short sale. But, they technically did not own the mortgage. So... The title insurance company for my...

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