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     | Monday, January 17, 2000 - 02:51 am  In 1996 I bought my first home threw Ameriquest Morg Co. It was 43,000.00 and vauled at 50.000. Well I thought I had a great deal, until I attempted to refinance to replace my roof in March of 99. Thats when to my surprise someone else was on my title. I called the Morgage Co. They were no help. I also attempted to call Nations Title Co, Whom insured the title at the closing time. They faxed me a letter that stated they were not allowed to give me any information because they had the commitment with Ameriquest Morg. and not me. Then I called Ameriquest Morg.and got the runaround for several months. I went into Forcloser in Dec. of 98 and had completed my forbarernce agreement Dec. 99 when they can up with back prop. taxes I thought was included in my morg. Now they want to charge me 1000.00 a month and redo the forbarence agreement. 1st I cant afford 1000.00 a month. 2nd, I still dont have a clear title. If The title was clear I could just get it refinanced through another company. I spoke with a rep that stated Ameriquest has a clear title and title #. But how could they have a clear title and I dont? I have tried for several months to correct the problem. The two companys and now openly talking to me now but we still have not gotton anywhere but long telephone conversation. Nether party wants to assume responsibility. At the closeing I was clearly left in the dark. On my title it stated that another gentleman has 1/2 intrest in my house. That means in order to sell it, fix the roof, refinance... I would need his signature! I dont even know this man . He was once married to the lady I bought the house from. I the divorce she was awared the house and he never signed a quick claim deed. The lady I bought the house from is somewhere in Cali. She only got 1000.00 for the house because she had already lost the house for non-pmt when I first was renting it from her. She has no $ and I cant find her to get any info from her. Now Im tired and just want my money back. Is there anyway or any law they have broken that can allow me to get out of this! They have ruined my credit and truly changed my lifestyle. Please respond ASAP. Im running out of time, and money!!!!
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| | Monday, January 17, 2000 - 09:56 pm Two questions: 1) Did you have a real estate agent when you bought the house? 2) What State do you live in?
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| | Tuesday, January 18, 2000 - 07:36 pm
Sounds like they provided the lender with title insurance and not you. Did you get an owners policy at closing?
You property taxes should be paid into your escrow account with your mortgage payment. However, if you don't make your mortgage payments, your not paying into your escrow account for your taxes. There is only one explanation I can think of -- you need to read your forbearance agreement. It's possible when you entered into your forbearance, the lender increased you payment for a while and demanded the entire payment for them to bring your loan current and therefore nothing was going into your escrow account. This is only a theory and I may be totally wrong. If I am, feel free to correct me.
They don't. They have the same problem you do.
Ouch. This is exactly why you get title insurance. One solution might be to file a quiet title action to fix the problem. A quiet title action is a court action to clear a cloud on the title. You'll need to talk to your attorney about this, it will probably cost a couple thousand dollars. Mark mark@valleyhomebuyers.com
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| | Thursday, January 27, 2000 - 04:22 pm When I purchased the house I only had a lender whom was Ameriquest Morg.I did not have a Real Estate Company. I knew the pre-owner.Im finding out now that I dont have a owners policy. Both state that nobody has a owners policy. How can I own the house and not have policy? Ameriquest nor will Nations Title give me a copy of Schedule B of the Commitmet for Title Insurance so I can see if he was intitled as a exemption.I have a copy of the Title Policy Ins. And schedule B of it says " In addition to the matters set forth in Schedule (B), the title to the estate or intrest in the land described or referred to in schedule (A) is subject to the following matters, if any shown, but the Company insures that these matters are subordinate to the lien or charge of the insured morgage upon the estate or intrest: None" On Schedule (A) of the Title Insurance Policy it states 1. Ameriquest as the insured 2. Title to the estate or intrest in the land is vested to (Myself) 3.The record 4. The lot # & location of the property. Does not appear to be a exemption.
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| | Tuesday, July 04, 2000 - 04:34 pm I think that you need to sue the title company and maybe the title company's lawyer. You should be what is called a "third party beneficiary" of the title policy. In other words, although the contract was with the bank, it was clearly contemplated that it would run for your benefit. Under contract law principles, you can sue the title company even though they didn't sign with you. Here is the box you are in otherwise. The bank has the policy, but the bank doesn't care. As long as they are confident that they can foreclose and get paid, why should they lean on the title company? They will only go after the title company when their ox gets gored. When I lived in Connecticut, there was a state Supreme Court decision that came down on similar facts as yours. The lawyer for the bank gave an opinion that title was clear. The purchaser sued the law firm and lost at trial--on the theory that the law firm only represented the bank and not the purchaser. The state Supreme Court did not like that result and stuck it to the law firm's malpractice policy on the theory that the law firm must have known darn well that the owner would have been relying on their opinion. I agree that a quiet title action would work, but I think you should go to the "pro bono" section of your local law school and figure out how to file a complaint and sue the title company. They got deep pockets and liability here. Insurance companies never want to pay, but they almost always do when liability is clear, as it seems to be in your situation. Make sure that you include a cause of action in your complaint for "bad faith failure to settle a claim"--and file a complaint with your state insurance commissioner if they regulate title insurance companies. Insurance companies can get whacked with punitive damages by refusing to settle when they should have known that they were liable. In short, after you sue the insurance company, they should recognize that they have to pay a lawyer to clear your title or else they are going to owe you a lot more. Another option is to file a chapter 13 bankruptcy, if you are really about to lose the house, make the regular mortgage payment, sue the title company in bankruptcy court, and propose to make up the arrearages in a chapter 13 plan. It is a last resort, but it might actually work here. You could even bring your quiet title action in bankruptcy court or as part of your plan (the later is stretching it but possible). Good luck. Don
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| | Tuesday, July 04, 2000 - 08:21 pm Should be "pro se" section, not "pro bono" section. Pro se means representing yourself.
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| | Thursday, July 06, 2000 - 09:23 pm Most people zone out when they hear "title insurance," but to me this is really an interesting subject. Some brokers highly recommended NOT getting owner's title insurance BECAUSE you already get the lender's policy. I've never known enough about title insurance to take my chances and I always got the owner's policy too. And I certainly know about insurance companies not wanting to pay, had Allstate decline my claim last year until I demanded their decision be faxed immediately "for my lawyer." 15 minutes later they called back with the good news: They did a little research and I was covered after all. So yeah, filing a law suit would probably help, and I wonder if other States have similar rulings as Connecticut.
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