Posted on: 22nd Jan, 2009 06:13 am
I am a first time home buyer so this is all new to me. My closing is being held up because the name on the contract does not match the name on the title. The house is a foreclosure owned by the bank.
The certificate of title records WAMU owning the property however Federal Home is named on the contract. I have been told by the listing agent that FH is the "servicer" of the property and it cannot be changed on the contract. The title company assures me that FH owns the property and the county recorder did not record the CT correctly to reference the assignment of bid to Freddie Mac. Now they have their attorneys trying to amend the CT or do a quit claim.
This has been a month now and I am starting to become frustrated and running out of time (my lease is up soon). Is this an unusually long process? What options do I have to help move this along? Any advice would be appreciated.
The certificate of title records WAMU owning the property however Federal Home is named on the contract. I have been told by the listing agent that FH is the "servicer" of the property and it cannot be changed on the contract. The title company assures me that FH owns the property and the county recorder did not record the CT correctly to reference the assignment of bid to Freddie Mac. Now they have their attorneys trying to amend the CT or do a quit claim.
This has been a month now and I am starting to become frustrated and running out of time (my lease is up soon). Is this an unusually long process? What options do I have to help move this along? Any advice would be appreciated.
Hi gcMonk,
As there has been a error in the title and the contract, I think it will take some time to get resolved. You will have to be patient for the time being and I think things will be alright. You can contact an attorney and he can speak on your behalf with the concerned people.
Thanks
As there has been a error in the title and the contract, I think it will take some time to get resolved. You will have to be patient for the time being and I think things will be alright. You can contact an attorney and he can speak on your behalf with the concerned people.
Thanks