Financing in Trenton>Question Details

Helen N Strom, Home Buyer in Trenton, SC

My fiance and I purchased a home in 2007 in SC where you are required to have a closing attorney with the

Asked by Helen N Strom, Trenton, SC Thu Dec 11, 2008

loan being with Bank of America. As interest rates came down, in March of 2008, we decided to refinance with Bank of America but they answered saying that the title for the home was not free and clear. At closing we also purchased title insurance from Chicago Title. We got a lawyer and are trying to resolve this matter. Chicago Title responded to Bank of America, saying they would back the title. BOA wants no part of the loan. My attorney very easily went to the County Courthouse and found the liens against said property. Why didn't the closing attorney find these? What will the Title Insurance do for us. This has been dragging on? What else can we do?

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Do you want to switch lenders? Sometimes, once a file develops holes, lenders can be reluctant to move forward even after they are repaired. I am assuming the lien issue is resolved? The attorney's closing protection letter and the title insurance binder is for this specific reason.

If your current attorney has a new title policy and CPL and now it's just the lender, let me know. I'd be glad to close it for you and do my best to meet or exceed what BofA was offering you.

Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com
0 votes Thank Flag Link Thu Dec 11, 2008
WOW great questions sorry to hear all. It appears BASED on your statement without additional facts the title company FAILED to clear title conveyed the property to you with liens. Title company should be held responsible of clearing liens why you have title insurance cover any errors staff member may have overlooked. I would have contacting title company determine how they intend to resolve these issues as quick as possible. After conversation I would forward a certified return receipt letter to their attention reconfirm statements made, you may have legal issues also confer with an attorney.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Dec 11, 2008
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