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I manged to buy a condo though a short sale which had a first and second mortgage. It took ages to get to closing but finally got it through and I closed in April of this year.
However the 2nd mortgage holder has not filed any release with the County Recorder to date. I discussed this with the Title company who did the closing. They stated they would contact the lender, but could not give me any assurances they could get it done, so it appeared only to be a best effort on their part. They pointed out to me I had Title Insurance with them anyway.
Also I never got a HUD statement so I do not have any record or visibility as to what the 2nd got paid and if in fact they did get paid. The Title company informed me you do not ge a HUD statement in a short sale. Is this correct?.
Although I am not planning to sale in the near future the situation leaves me uncomfortable. I would like to get this cleaned up.
Should I be concerned?
If anyone has any advise on how I can get this sorted that would be apprectiated.
I suggest you talk to an attorney they have to do a hud, even if you don't plan on selling for now it's a problem your realtor should have demanded you get that before you even signed the papers.
Are you saying you do not have a HUD-1 showing the sellers portion of things - or are you saying you never got a HUD-1 .. period? Depending on your state's closing procedures, many times the buyer does not get a HUD showing the sellers portion of things. If your state's closing procedures require you and the seller to both sign the same HUD, then you will see their side of things.
When we purchased our home back in 2004 the seller took out a HELOC a couple months prior to closing - it was actually recorded after we purchased our home (due to the backlog WaMu was in at the time), it took them several months to realize this and process a release, and it took me several weeks of threatening them with lawsuits... finally the magic words of "I am incurring damages because of this" worked (as we were doing a refinance), and a supervisor got involved and it was resolved within a few days. You could leave it up to the title company, but I'd take a more proactive approach and contact that 2nd mortgage lender and light a fire under their butts.
To clarify
a) the property was in Nevada
b) it was a 100% cash deal
c) I only got at closing a "Closing Statement". This only showed my side, i.e. purchase price, my costs, prorations charged to me on the transaction.
However it appears that this is all they company handling the closing (which was a well know title company) are to provide to me for a transaction of this nature in Nevada.
If anyone with specific Nevada legal knowledge can definitively confirm or refute that fact,it would be helpful.
On the status of the release/rescission of the 2nd, I now have someone looking into the County Records and the matter more thoroughly for me.
Closing company is on crack. Just closed a transaction in Vegas not too long ago and the buyer certainly got a HUD-1 settlement statement (of course this was with mortgage financing, but cash transactions should be no different). Nevada is one of those states where the buyer only sees their side and the seller only sees their side. The closing statement is just a layman's version of the Final HUD-1.
Title companies in Nevada are governed by the Nevada Division of Insurance. I'd call the office located closest to you and ask to speak with an "officer" who will be able to give you some advice. I just tried calling and asking some preliminary questions and they said they didn't understand why the title company can't issue a HUD-1 settlement statement, so they suggested that you call them directly. Contact Us is the contact section of their website.
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