UPDATE: Foreclosure Purgatory, MA Rules Against Buyer Of Foreclosed Home, Millions Tainted (tags)
?In the end, all of us are paying a price for this mortgage crisis. And all of us will pay an even steeper price if we allow this crisis to continue to deepen?.? President Obama explained. ?But if we act boldly and swiftly to arrest this downward spiral, every American will benefit.? President Obama
Foreclosure Purgatory, MA Rules Against Buyer Of Foreclosed Home, Million Tainted (tags)
2011 Foreclosures is showing us what is coming on the horizon, ? Cloud on title?. (cloud) n. an actual or clear outstanding claim on the title to real property. ?Clouds? can include an old mortgage or deed of trust with no recording showing the secured debt was paid off, a failure to properly transfer all interests in the real property to a former owner, a previous deed which was improperly written or signed, an unresolved legal debt or levy by a creditor or a taxing authority, or some other doubtful link in the chain of title. Often the ?cloud? can be removed by a quiet title action, by finding a person to create or execute a document to prove a debt had been paid or corrected. Title companies will refuse to insure title to be transferred with a ?cloud,? or they will insure ownership except for (?insure around?) the ?cloud.