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modern_home
18 Posts |
 Posted - 03/20/2008 : 10:25:30 PM
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I sold a house in 2000 for $19,000 less than what the buyers were originally approved for. I held a 2nd on the property and was to get paid in 18 months w/ 10.5% interest. It was in my name only and I had a partner. I assigned half ownership of the mortgage to my ex-partner when we split. In 2003 they refinanced and no one contacted me for a payoff. It was released by my old partner when his attorney typed up a letter stating he had FULL ownership because of the attached assignment. Well, I never received a penny nor did I release the mortgage. Someone received a check in my name for $7,500 that I did not sign and never knew about until this week. Here are my questions:
1. Is the title company that missed it responsible for paying me?
2. If so, can I charge interest for the whole time I waited or just for the length of the original contract?
3. Who should I approach first about the check being forged?
4. Could the attorney be liable for the document because he made it look like my ex-partner owned 100% of the mortgage?
Any input or help is appreciated. The title company is investigating right now but have not done anything yet. |
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nowbroker
1387 Posts |
Posted - 03/21/2008 : 09:06:18 AM
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| I would say #1 and #2 is true, they are giving a guarantee to title to someone, and you should have a valid claim against that title. If the check was made out to both partners then I would say you have a claim against your partner for forgery. |
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lucky1s
3620 Posts |
Posted - 03/21/2008 : 10:14:50 AM
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You need to take a look at the assignment and make sure it was drawn up properly, only assiging a 50% interest.
If it was, then your claim may actually be paid by the new lenders title policy since your interest is actually in 1st position due to the invalid reconveyance. |
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modern_home
18 Posts |
Posted - 03/21/2008 : 3:21:06 PM
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I just found out that the copy of the settlement statement that had my name on it is not the same one the closing agent has on file. Their's shows my ex-partner as payee, but he said he received nothing. Here is word for word the assignment I signed:
For value received, I, (name) of (address)assignor herein, sale, assign, endorse, and transfer, without recourse to (my name) and (ex-partner's name) assignee herein, my right, title, and interest in and to the attached promissory notes, the mortgages therein described and the real estate covered thereby, and authorize assignees to do every act and everything necessary to collect and discharge the same. Each assignee is half owner of the property transferred by this agreement.
The day we split he wanted me to sign over 3 mortgages we held. I wouldn't agree and his attorney had to go get this assignment typed. On the mortgage release my ex-partner is the only one to sign and the same attorney made the paperwork look like he had 100% ownership. I hope the attorney gets in trouble. |
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1stintegritymort
1298 Posts |
Posted - 03/21/2008 : 5:46:10 PM
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| im pretty sure you would be able to make a claim on the insurance. afterall, thats what it is for. you should probably consult with your own attorney. find out from the title company who the insurance is through. it will definitely be a long drawn out process. could be over a year before you see any money. i would have to think that you should get interest and be able to press criminal charges against the attorney and ex partner for embezzelment. they stole money from you. |
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