what happens to the current owner when the previous owners' mortgage company threatens foreclosure?

Asked by Monflem2, Hyattsville, MD Sat Oct 22, 2011

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4
Robert McArt…, Agent, Fallston, MD
Sun Oct 23, 2011
Keep the lines of communication open with the mortgage company. Find out who the title company was that closed on the property when you purchased it and advise them of the situation. Make sure all communications are in writing (email, letters, etc.) You may need to contact a Real Estate Attorney.
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The Roskelly…, Agent, Gambrills, MD
Sat Oct 22, 2011
Hi Mon,

Contact your real estate agent and the title company that closed the house for you. If you purchased title insurance you should be fully protected. If they can't give you the answers you need then contact an attorney.
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Brian Gormley, Agent, Bethesda, MD
Sat Oct 22, 2011
Was the property taken subject to? In other words, was the previous mortgage paid off? If it was, there is no legal way for them to foreclose (unless they are BoA, and then apparently different rules apply!).

Feel free to give me a call and I can help sort it out.

Brian Gormley, Esq.
443.739.7993
http://capitolshortsale.com
Web Reference:  http://capitolshortsale.com
0 votes
Ariana Loucas, Agent, National Harbor, MD
Sat Oct 22, 2011
Dear Monflem2,
Often title insurance will protect your interest; however, this is a question you should be asking a lawyer. Thank you and best wishes with it.
Regards,
Ariana Loucas
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