Posts Tagged Loan Modification
Posted by Alexander Scott Dennison in on August 15, 2011
There are many reasons why one may need to bring an action to quiet title on real property.
If you have purchased property at a tax lien auction, filing a quiet title action is necessary in order to be able to convey marketable title. Through this action, any clouds on the title may be removed, and any prior claims may be extinguished, leaving the owner with clear and marketable title.
You may have a different situation, such as a conflict in boundary descriptions in diverse recorded conveyances due to a clerical error or there may be improper liens on the property. In some cases, simply refinancing your home may create clouds on title in the event that the interests of the parties were not properly recorded or in the event that proper satisfactions of prior liens have not been properly recorded.
If you are considering whether or not to purchase a property that has been foreclosed on, or are considering buying a property at a foreclosure auction, there are issues related to title that you might want to discuss with an attorney.
If you have questions about Quiet Title actions, please call my office and I am happy to discuss your case with you.
In 2014, Attorney Alexander Scott Dennison filed a lawsuit in Sarasota County Florida to quiet title to property and argued that both the Statute of Limitations and the Statute of Repose have run. For more information about this case, which as of January 26, 2015 is still pending before the 2nd DCA, please visit this link to Howell vs Suntrust, et al.
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What is described in this article should not be happening. When people go into “default” on the direction of their lender, the lenders should be estopped from proceeding in litigation. These cases are heard in courts of equity and there is nothing equitable of a lender playing pied-piper and luring people into default.
They’re rich and famous and in foreclosure
While the article seems to suggest that these individuals are behind on payments because they borrowed more than they could afford (which seems to be the same business model of many large corporations and the U.S. Government) I would think that these individuals likely took a look at the reality of the business deal they had and decided that it was no longer worth it to them to pay sometimes three times what a property is worth, plus interest over 30 or more years, for the property.
This notion of deciding to default because there appear to be no other options has been termed a strategic default. I am not sure what is so strategic about it, but I guess it sounds good. When looking at the numbers, many people determine that it is no longer in their family’s best interest to continue paying on their mortgage. If you find yourself in this position and would like to speak to an attorney about the risks and benefits of a so-called strategic default, contact my office.