Title can get messed up if the paperwork isn't done correctly or if it is done privately. But that is what title insurance is for.
If the title wasn't transfered to you as you thought then ask where is the money you gave the title company. If they gave it to BofA and didn't get you clear title go immediatley to an attorney and get ready to sue BofA and the title/escrow company.
Who does the "rental agreement" say you're renting from?
It appears to me that you did NOT close escrow. It appears to me that you made an offer, and that BofA was to finance your purchase. The listing agent then told you that your offer was accepted, and so he/she permitted you to move into the vacant home. Subsequently BofA underwriters rejected your credit package.
Whether or not my â€œguessâ€ is correct I recommend that you contact the Lawyer referral panel of the county where the home is located, and go over your file with an attorney: approximate cost, $50. You have rights, whether as a party in escrow, or as a tenant. Bof A ..... has a problem.
Read the excellent responses below, regarding the escrow company and the status of your deposit(s).
LEOPOLD A RODRIGUEZ
Real Estate Broker 00849905
Attorney ar Law
400 Montgomery 505
San Francisco CA 94104
How about this;
If you CLOSED on this house, then you used a Title/Escrow Company;
Go talk to the Escrow Officer who helped you; talk your paperwork, and ask them.
Good luck and may God bless
Many times when you buy a short sale property, the previous owner, who is still in the picture, although does not decide the terms of the sale, has defaulted not only on the loan, but also on HOA dues, taxes, etc. Sometimes, the short sale bank will require the buyer to pay a difference in the loan amount owed by the seller or pay the HOA dues.
However, all these costs are agreed upon before closing and reflect on the closing statement, also known as HUD.
Have you bought through an escrow company and/orif applies in your area, with the help of an attorney? Have you ever seen a short sale approval letter from Bank of America? This is a huge bank and works through a system called the Equator for all its distressed properties transactions.
Or you bought the home as a result of an advertising telling you that you can take over a short sale situation and assume the loan before the property forecloses? I have seen a lot of these scams being advertised and impostors claiming to be 'Realtors' and helping you get a 'good deal'.
As my other collegues here already suggested, seek legal advise immediately.
Alina Aeby-Broker Associate
Pacific Union International
Unfortunately your question is so vague that it is impossible to answer, but my concern is there is fraud involved because I can't imagine how you can be told you own the home, and then later told that you don't. Given the fact that you sent some sum of money somewhere to close the transaction - and given the fact that you must have signed Title documents, etc. if they now claim it didn't close, someone is likely lying now, or has been lying all along.
Call an attorney immediately. And if you think you've been defrauded call the FBI. Good luck.
Either you don't own the home (did not close) or there is more to this story.
There is a strong possibility that with all good intentions, folks made exceptions (violated the rules) to make life bearable for others.(Tara calls this, Going rogue) And, in their predictable fashion, Bank of America does a flip/flop and left everyone is a cloud of dismay, or the seller was ambushed with yet another demand from investor that caused the deal to fall apart. If your purchase 'Closed' (professional use of the word) the house is yours and you would be writing a rent check to YOURSELF!
Heavens, more data is needed. It may be time to have a longer discussion with your agent, or better still, a conference with the agent representing the home seller and your team.
Although this is a season of great stress for you, it is not time for despair. Sometimes, all that is needed is a little more time...after spending an eternity in the short sale process already. Let the pros you have hired do what pros do. You entered a high stakes, high risk transaction, let the pros do their job. Try to relay. (easy for me to say.)
Best of Success,
Annette Lawrnce, Broker/Associate
Remax Realtec Group.
Palm Harbor, FL
If the short sale closed, that means Title was recorded and you own the house. Therefore, you don't need to sign a rental agreement if you own the house. Contact your escrow company to make sure the Title actually transfered. Maybe it didn't? If it didn't, the listing agent should never have given you the keys and let you move into the property. Again, call escrow.