Comments on: Woman To Be Foreclosed On For Previous Owner’s Debt http://housingdoom.com/2009/06/17/woman-to-be-foreclosed-on-for-previous-owners-debt/ "He who defends everything defends nothing." - Frederick the Great Fri, 19 Mar 2010 07:04:43 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: JimAtLaw http://housingdoom.com/2009/06/17/woman-to-be-foreclosed-on-for-previous-owners-debt/comment-page-1/#comment-20151 JimAtLaw Wed, 17 Jun 2009 22:20:59 +0000 http://housingdoom.com/?p=2911#comment-20151 If Chicago Title is refusing to honor its policy, the loanowner may have a claim against it not only for the costs of defending the foreclosure action (and perhaps of the house if lost), but also for bad faith denial of an insurance claim. (Many states have special statutes addressing bad faith denial by insurers.) It also sounds like they failed to note that there was an unsatisfied mortgage on the house - note to self, do not use Chicago Title under any circumstances. If Chicago Title is refusing to honor its policy, the loanowner may have a claim against it not only for the costs of defending the foreclosure action (and perhaps of the house if lost), but also for bad faith denial of an insurance claim. (Many states have special statutes addressing bad faith denial by insurers.)

It also sounds like they failed to note that there was an unsatisfied mortgage on the house – note to self, do not use Chicago Title under any circumstances.

]]> By: Coffee http://housingdoom.com/2009/06/17/woman-to-be-foreclosed-on-for-previous-owners-debt/comment-page-1/#comment-20150 Coffee Wed, 17 Jun 2009 19:00:54 +0000 http://housingdoom.com/?p=2911#comment-20150 On a different note, my In laws received a Notice of Default on a Home they sold 17 years ago. Government loans, FHA/VA; are assumable but they do not release one of the liability. In this case the buyer assumed the loan and paid it on time for 17 years until last year it went into foreclosure. The Bank sued with my in laws as defendants. On a different note, my In laws received a Notice of Default on a Home they sold 17 years ago.

Government loans, FHA/VA; are assumable but they do not release one of the liability.

In this case the buyer assumed the loan and paid it on time for 17 years until last year it went into foreclosure. The Bank sued with my in laws as defendants.

]]> By: Hutch http://housingdoom.com/2009/06/17/woman-to-be-foreclosed-on-for-previous-owners-debt/comment-page-1/#comment-20149 Hutch Wed, 17 Jun 2009 15:46:14 +0000 http://housingdoom.com/?p=2911#comment-20149 Wow, that's an awesome way for a title insurance company to handle things. "oops, YOU need to hire a lawyer." I'm sure it helps keep the business profitable. Igor says: sulky Wow, that’s an awesome way for a title insurance company to handle things. “oops, YOU need to hire a lawyer.” I’m sure it helps keep the business profitable.

Igor says: sulky

]]>