Expert: Dick Dennis - 7/5/2008

Question
I was about to close on the sale of my house in Massachusetts when the title search discovered that an old home equity second mortgage had not be properly discharged by the bank that issued it.  That bank was bought out five years ago by Bank of America, and it is taking them a very long time to process the proper discharge of the mortgage and get it to the Registry of Deeds.  In the meantime the buyer is traveling out of town, so now closing is delayed for another three weeks.  I was wondering if there was any sort of insurance or other protection I could buy in case something happens to prevent the the deal from being finalized.  Have you seen cases like this and have they been resolved favorably?  Is there anything I can do but sit and wait anxiously until the buyer returns for the closing?  Thank you.

Answer
No, I have never experienced such an occurance in my 37 years as a real estate broker, BJ. However, you need not be too concerned about it. The title company is taking care of it. If this process costs you anything I would ask whoever is in charge of the transaction to be reimbursed . . . not for you time, but for any moneys this waiting may have cost you. But you better be prepared to prove it. I do wish you well.

Dick Dennis