QUESTION
What should I do if I am still receiving foreclosure notices after escrow?
Asked on Jan 10th, 2012 on Foreclosures - North Carolina
More details to this question:
I just recently bought a condominium from a short sale, which closed escrow on December 21 of 2011. I just checked my mailbox today and found out that there were several foreclosure notices addressed to me (the new owner) of the foreclosure auction scheduled soon. What should I do now?
1 ANSWER
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Hire a lawyer. You need to have some see if you bought the home free and clear of encumbrances. You could have bought the home subject to a second deed of trust where you basically paid bank number 1 but bank number 2 still holds an interest. At a foreclosure sale, the interest of sublenders is extinguished but at a commercial sale, it is not. The closing atty is a good place to start as well because they should know right away and title insurance might be able to help.
Answered on Jan 31st, 2012 at 12:54 PM