Legal Question in Real Estate Law in Illinois
Mortgage bank didn't pay mortgage amount to title co. after closing.
I closed on a Mortgage and moved into a house about a month ago. A couple of weeks ago I received a letter which stated my mortgage loan was sold to another mortgage bank. About a week ago I received a letter from a law firm ,representing the title company that closed my loan, that stated the first bank to hold my mortgage had stopped payment on the check. The first bank then reissued the check only to have it bounce. The law firm then stated that a lien had been placed on my property and that I should contact an attorney. I have talked to everyone from lawers to real estate agents who have never heard of such a thing. What are my rights and what do I do??
1 Answer from Attorneys
Re: Mortgage bank didn't pay mortgage amount to title co. after closing.
I have been involved in well over 5,000 real estate transactions, and I have never heard of such a thing either. You must contact an attorney immediately to make sure you keep your "place in line" against that mortgage company.
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