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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosed borrower waited too long Posted by Ward-CA- on June 22, 2001 at 8:27 PM In Reply to: Foreclosed borrower thinks her deceased husband had insurance to pay-off house. posted by Laila on June 22, 2001 at 12:33 AM : In an effort to evict an owner from the foreclosed property, she told us that she : thought her deceased husband (about 12-18 months ago) had insurance to pay off the mortgage. If that were the case, wouldn't she have notified her lender (VA) after his death or at least when she : started to receive default notices from them? We think it may be a stall tactic : but if not, where do we stand, having the deed being recorded today in the state of TX? =•=•=•=•=•=•=•=•=•=•=•=•= Laila, I think it’s a stall tactic too. But even if it’s not, a property owner is required to act within a reasonable time period to protect their title from extinguishment. She probably had at least 5 months notice (from her husband’s death to the sale date) before the sale took place, more than enough time to see if there really was mortgage term insurance coverage and execute on it if there was. Your claim to the title of the property is founded in the concept of being a BFP, a bona fide purchaser for value. In that role you’re allowed to rely on the public record to ensure your claim to the title of the property as of the date of the sale. Whatever rights the ex-owner had, her own negligence in letting things slide will probably bar any recovery for her. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : In an effort to evict an owner from the foreclosed property, she told us that she : : thought her deceased husband (about 12-18 months ago) had insurance to pay off the mortgage. If that were the case, wouldn't she have notified her lender (VA) after his death or at least when she : : started to receive default notices from them? We think it may be a stall tactic : : but if not, where do we stand, having the deed being recorded today in the state of TX? : =•=•=•=•=•=•=•=•=•=•=•=•= : Laila, I think it’s a stall tactic too. But even if it’s not, a property owner is required to act within a reasonable time period to protect their title from extinguishment. She probably had at least 5 months notice (from her husband’s death to the sale date) before the sale took place, more than enough time to see if there really was mortgage term insurance coverage and execute on it if there was. : Your claim to the title of the property is founded in the concept of being a BFP, a bona fide purchaser for value. In that role you’re allowed to rely on the public record to ensure your claim to the title of the property as of the date of the sale. : Whatever rights the ex-owner had, her own negligence in letting things slide will probably bar any recovery for her. 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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