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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosure and clouds on resale Posted by Jerry Carey on September 04, 2006 at 10:43 AM In Reply to: Foreclosure and clouds on resale posted by Jim M. in Atlanta, Ga. on September 04, 2006 at 9:15 AM : I bought a non-performing note about 18 months ago and foreclosed. I took the security, a parcel of land, back at the foreclosure sale on the courthouse steps. I now have an offer to purchase, all cash, at a $20K profit. THANKS Ward and Foreclosure Forum members!! : Years ago the land was part of a divorce settlement and the former spouses' names were both on the deed. Did the foreclosure wipe out both their names? I don't want any surprises before closing. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Jim: Your post is ambiguous and leaves a lot of questions! In the declaration(s)of divorce who was given ownership of the property? Was a quitclaim deed recorded to the owning spouse? If there is a cloud on the title over this and the sposes were not notified by the trustee ... the foreclosure sale may/could be put aside by a court for improper notification and there may be proplems getting Title Insurance which I'm sure your buyer will require. I'm not a lawyer ... but that's my opinion! Jerry Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I bought a non-performing note about 18 months ago and foreclosed. I took the security, a parcel of land, back at the foreclosure sale on the courthouse steps. I now have an offer to purchase, all cash, at a $20K profit. THANKS Ward and Foreclosure Forum members!! : : Years ago the land was part of a divorce settlement and the former spouses' names were both on the deed. Did the foreclosure wipe out both their names? I don't want any surprises before closing. : +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ : Jim: : Your post is ambiguous and leaves a lot of questions! In the declaration(s)of divorce who was : given ownership of the property? Was a quitclaim deed recorded to the owning spouse? : If there is a cloud on the title over this and the sposes were not notified by the trustee ... : the foreclosure sale may/could be put aside by a court for improper notification and there may : be proplems getting Title Insurance which I'm sure your buyer will require. : I'm not a lawyer ... but that's my opinion! : Jerry Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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