Expert: Michael McClure - 2/17/2009

Question
QUESTION: HI,
Please if you would help me with this dilema. My husband and I owned a trailor and land in ky and we sold it to someone else through a realtor and title company. It had a loan on it and it was paid off at the closing. However no one we talk to seems to know were the title to the home is. The company the trailor came from went out of business. Chase the mort. co. doesn't have a title they say, which is weird. Can you give me some advice on what steps to take from this point.
Thank you,
upset and lost

ANSWER: Hi Kathy...why do you want the title?

The way it works is when the loan was made to you, Chase held the title.  Upon being paid off, they release the title to the escrow Co. The buyers, if they paid cash, will get the title from the state.  If a loan was taken out, the state will send the title to the new lender, to hold for security. All this paper work is paid for by you and the buyers, as the title co. takes care it all.
You should be out of the deal, assuming all was done correctly.

Contact me if I was not clear on this..."~ Mike

---------- FOLLOW-UP ----------

QUESTION: Thank you for answering so quickly.
The title company called us and ask us to call chase and we did and chase as no title. All they had was a lean release. The orginal loan went through 3 different finance companies, which bought out our loan, in other words it changed hands 3 times. The new buyers paid cash at the closing. The county clerk as no title on file. You think the mobile home company didn't follow through on sending the title in the first place when the home was bought, to the finance company? Its been 5 months since the sale and no title has come to either parties involved.
Thank you for your time and have a great day.


Answer
Chase and the title company carry all the responsibility for this!
Escrow should NEVER have been closed until the title was in their possession.
In my opinion, you're done...they are all responsible for the aftermath of a poorly handled deal.  By the way, title and escrow companies are insured for millions of dollars for these sort of things. I cringe when my customers say that they bought or sold a home just between the 2 parties, with no escrow...this is a classic example of why it should be done through a reputable company!
Forget about it...you are no longer involved in this!  Relax    "~ M