Posted: 5/27/2013 1:59:11 PM EDT
| I'm buying a home in East Stroudsburg, Monroe County, PA and am having some problems. The property has a 2nd morgage so the two banks (Fannie Mae owns the property & the bank with the 2nd mrtg) are taking their issue to court. It's been over 3 months and I can't get a straight answer from either my title search comp. or the seller's realtor. My realtor is just as much in the dark as I am. Is there any way I can find out more information on the court process so I have a better understanding and whether I want to continue to pursue this property. Any help on this matter is greatly appreciated. |
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I had something happen here when I bought my current home. This property did not have a mortgage lien but it did have a tax lien and a judgment against the trust that owned it. I thought all was well and showed up for settlement and they broke the news to me that it would not be happening any time soon. I called my lawyer and he set up a escrow account to pay the two liens then he contacted all the parties involved and told them what was going to be happening. In my case, I went from thinking there was no way of buying the place for at least 6 months (that's what they told me) to closing on it 5 days later. He charged me $600 for his work but it was worth it to me. He certainly got it done and I was with out a clue of what to do next. Sounds like you need to talk to a lawyer. There is no reason I know of that would keep you from buying it, **IF the lenders know the money is in escrow. |