Posts by rustynomad582

I’m trying to wrap my head around just how much this mortgage actually encumbers the property, and more importantly, whether my ownership status is actually at risk here.
Also, what does it legally imply that I'm listed on "list b"? I discovered today that several other neighbors in my building were also essentially taken for a ride by the exact same seller. 😁
How much leverage do we really have with an attorney if the preliminary purchase agreement specifies one bank account, yet we all ended up paying into a completely different one like a bunch of sheep?
😵

The whole purchase was basically handled by our attorney. We all signed the contract right there in his office. To be honest, none of us really pushed for that waiver because, looking back, nobody realized just how critical it actually was or how much of a headache it could cause later on.
How much does that mortgage actually weigh down the property? Especially if I decide I want to sell it down the road.

Hi everyone!

I decided to join this forum because I’m dealing with what I think is a pretty unique headache.
Basically, I purchased a property about a year ago. It was an all-cash deal, so there isn't a mortgage tied to it on my end.
About two months ago, I started the process of getting a lien release from the Federal Reserve, which was the institution handling the seller's original loan.
Here is where things got messy: I transferred the full amount to the account the seller provided, which turned out to be his own account at a different bank, JP Morgan Chase. Because of how it was structured, the Federal Reserve is refusing to issue the lien release, and to make matters worse, the company that sold me the property has gone into bankruptcy.

Help!