Bought house... get Notice of Auction

[cbrunny]

Someone fucked up. Waste no time. Get on this hard and fast. That's what she said.

 

[Anubis]

Before any title transfer can occur, a search is performed on the title to see if there is any lean or claims on it. All outstanding fines and stuff are supposed to be paid off before money is transferred from lawyer to seller.

your title insurance should take care of that. Though I question your county's competency when they don't even have current owner name.

They also do search on the buyer and seller. And if your name is deemed similar enough so some unsavoury character you have to sign afrodavit to say you are not that person.

buddy of mine had to sign that stuff to prove he was not a "dead person" who had the same name

 

[sdifox]

buddy of mine had to sign that stuff to prove he was not a "dead person" who had the same name

I had to sign because some guy's name was deemed similar to mine... Never mind the last name is not the same, the spelling of one of the Chinese characters is similar to mine, not even the same spelling. But I had to sign one...

 

[Capt Caveman]

Actually Caveman had no clue!! The people you worked with to get all the paperwork signed are the ones on the hook! You did nothing wrong!!

Actually, you're the one with no clue as it varies by state. In MA, RE lawyers are the sole agents for title insurance and are the one's that perform the title search and closing. So, for all of my house purchases, I've had a RE lawyer review all of the contracts/paperwork and perform the title search and closing.

 

[Cr0nJ0b]

Did you do a title search as part of the purchase and escrow? Generally I would think that any claims to the property would be picked up in that process and you are insured clear title. If they made a mistake or missed this "little" detail, they cover the costs to fix it. And yes, get a lawyer.

 

[zinfamous]

Yeah, I know. Probably would have been best to leave that thought untyped. Cuz, you know, all you Asians are in cahoots.

Doesn't really have anything to do with them being Asian, it was just an observation. I've heard of stuff like that happening before.. Sell a place to your brothers first cousin in an attempt to thwart/prolong the foreclosure process...

yeah it may sound unpleasant, but it's a stereotype steeped in truth, on the west coast especially.

Tons and tons of shady dealings when it comes to Asian landlords that I have had living in CA, compared to others. I just avoid them altogether because it isn't worth the trouble.

 

[zinfamous]

...is it possible that the mortgage from one of the previous owners had been sold off to a collection agency, or bought by another bank having bought out that lender's bank?

I know when banks buy bank property, paperwork gets messy and all sorts of bullshit paperwork starts surfacing, making claims that shouldn't exist. Even though the mortgage may have legally and properly settled from one bank to another, and the agent that you bought it from did legitimately sell it, some piece of a record could have still existed and the new bank/agent is in the process of clearing what they think are real properties. Say, former lending agent/manager didn't properly file or complete closing paperwork on that offending mortgage that was actually sold off/transferred.

Could they have just triggered this auction in order to clear out inventory they assumed was theirs?

 

[Thump553]

Just skimmed through the thread, most posts seem to be what I expected-firm opinions based upon total conjecture.

OP-do you have OWNER's title insurance? That protects your interests. Your lender almost certainly required you to pay for lender's coverage-that protects the loan but not you.

Were you represented by counsel in the closing? Your first step should be to call him or her IMMEDIATELY. If you weren't represented then, you should hire competent counsel NOW.

Everything else is a waste of precious time and puts your investment at further risk.

 

[DrPizza]

This is likely over your head to deal with on your own.

Lawyer. Now.

 

[Chiropteran]

Respond to the auction notice explaining you are a sovereign citizen and the laws of a country do not apply to the person whos name you have.

 

[Eug]

Shit, it's like buying a used car that you find later was in a wreck and wasn't declared in the title work.

Actually much worse. It's like buying a used car that you find later was stolen (if in fact the title is a problem).

At least the OP has title insurance, which is better than not having title insurance.

BTW, for home purchases, I always tell my friends and colleagues to hire a real estate lawyer and to get title insurance. Nobody's perfect, but if you're going to be spending say five or six or seven figures, it makes sense to spend $500-$1000 more a lawyer that does this stuff for a living. A good real estate lawyer knows what to look for.

 

[Wreckem]

You need to go hire a real estate attorney ASAP.

 

[Wreckem]

Just skimmed through the thread, most posts seem to be what I expected-firm opinions based upon total conjecture.

OP-do you have OWNER's title insurance? That protects your interests. Your lender almost certainly required you to pay for lender's coverage-that protects the loan but not you.

Were you represented by counsel in the closing? Your first step should be to call him or her IMMEDIATELY. If you weren't represented then, you should hire competent counsel NOW.

Everything else is a waste of precious time and puts your investment at further risk.

This. How fucked he is depends on the type of title insurance he has, as well as the real estate law of Oregon. Its going to get messy in any event.

 

[Spacehead]

Did you not have a RE lawyer perform a title search for you before closing?

no clue huh.....

Any properties i've bought it was on me to get a lawyer to to do the title search. Different states different rules?

Hope this is just a misunderstanding OP, good luck.

 

[Printer Bandit]

You are going to lose a lot of money.

 

[TechBoyJK]

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[poofyhairguy]

These are the kind of threads that keep me coming back to Anandtech.

 

[Brovane]

I would think Title Insurance, should take care of this. However I am not a expert and I would recommend consulting a lawyer.

This reminds me when we I bought my first house over a decade ago. After 6-months I went to open a line of credit on the house and found out their was a property tax lien on the property from the previous owner. The title should have never been transferred to me with the property tax lien. I reached out to the title company and they cut a check to take care of the lien. I assumed they then want after the previous owner but the title issue was cleared up. If I had never filed for the the line of credit, it could have been a bigger mess years down the road. Hopefully this all gets corrected without to much of a hassle.

 

[stlc8tr]

yeah it may sound unpleasant, but it's a stereotype steeped in truth, on the west coast especially.

Tons and tons of shady dealings when it comes to Asian landlords that I have had living in CA, compared to others. I just avoid them altogether because it isn't worth the trouble.

Yeah, almost as bad as dealing with those shady Jews or blacks.

/s

 

[Tweak155]

Crazy. Makes me glad they force you to use title companies around here, even though I think their rates are pretty dang high.

If you took a loan, I think you'll be pretty safe overall. The bank has a big interest in getting that balance back from you, and if they're any good they also had to approve of the title work you had performed before shelling out the money.

 

[blackangst1]

I can see two outcomes. Either the title was clean when the property was transferred to you, in which case whoever is trying to force auction needs to be put in their place, or the title was not clean, in which case the title insurance is going to get messy (if the auction stems from two owners back then the title insurance from two sales ago is liable.)

This.

Sorry OP what a sucky situation

 

[AkumaX]

This sounds interesting. I bid $1, but can go as high as $1.50.

Let me know when I win.

I'll go up to tree fiddy

 

[Ichinisan]

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Reminds me of this:
https://www.youtube.com/watch?v=SjeSI-H9I1I#t=1m52s
(Jump to 1m 52s)

 

[TheGardener]

I know this varies state to state, but I've never relied on a real estate agent to protect my legal rights. I've always hired my own attorney for buying real estate or even doing a refinancing. I skimmed some parts of this thread, but it looks like you did not hire an attorney, but relied on the bank or mortgage company's attorney. Not risky 90% of time, but I'd hate to be one of the 10%.

I always thought that title insurance was something the mortgagor required you pay, and it only protects them, not you. It protects up to the amount of the mortgage. Unless you bought your own title insurance, your equity is not protected. And I think very few people do this. If the title insurance was added to your closing costs, it is not yours. You just paid for it.

Yep, these mistakes are going to cost you a bundle in attorney fees in protecting your home and in suing the mortgagor for damages. I hope you don't lose your investment. Good idea to make sure you have a CPA to help you with the consequences of losing your investment. Might want to ask the CPA to recommend a bankruptcy attorney to protect your other assets, including your primary residence.

 

[master_shake_]

good news!

you'll get to sue everyone involved.

you should be thinking of things to buy.