Legal Question in Real Estate Law in Indiana

summary judgement

I purchased a home in 2005 through a bank via a conventional mortgage,all the usual title checks,liens,ect...were performed,everything checked out,loan granted.In 2007 after making several thousand dollars worth of home improvements, I got the home reapraised got some cash out for more improvements and a slightly better interest rate,so far so good.The later part of 2008 the economy went south I knew there were some really low rates available,my bank could'nt deal so I went to another,same routine new appraisal,lien and title search credit check the whole nine.The appraisal came back high enough to make the new loan and some cash back and a much lower interest rate life is good,all my hard work has paid off?About a month after closing I recieve a summons stating that the person I bought the home from originally had the home held as equity against a small business loan he had recently defaulted on. None of this had appeared on any of the three prior title searches by three seperate title companys. They are tring to get a summary judgement against me?I have had title insurance all three times.What is my recourse?


Asked on 4/11/09, 10:07 pm

1 Answer from Attorneys

Re: summary judgement

Thank you for your question. Your recourse is to immediately contact the title companies by cerified mail. CHances are that only the last title company is going to be fiscally responsible. Why haven't you contacted them already? They may provide you with an attorney to defend the claim.

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Answered on 4/11/09, 11:33 pm


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