Yep, I have a good friend that ran into this issue on his home he bought 20 years ago. After 5 years of living in the home and making payments on it, it was finally discovered that there was no clear title to the property going back 60 years…
It took another 2 years to clean it all up, but it required the township, county, and a state agency to get involved to make a couple of problems “just go away”.
Thats insane. And at that point they were there for 7 years. Most people stay in there house longer, but any million things could have made them want to move in that window. Sick family member, job, whatever, and they would have been stuck.
It wasn’t as bad as it sounds. No one was really contesting his ownership - least of all the bank. But a governmental paperwork error had been made a long time ago and no one caught the error until after he bought the property. But it took a long time to fix it due to different levels of government that needed to fix the original error.
My friend still lives there today and I doubt he will ever move out.
Yep, I have a good friend that ran into this issue on his home he bought 20 years ago. After 5 years of living in the home and making payments on it, it was finally discovered that there was no clear title to the property going back 60 years…
It took another 2 years to clean it all up, but it required the township, county, and a state agency to get involved to make a couple of problems “just go away”.
Thats insane. And at that point they were there for 7 years. Most people stay in there house longer, but any million things could have made them want to move in that window. Sick family member, job, whatever, and they would have been stuck.
It wasn’t as bad as it sounds. No one was really contesting his ownership - least of all the bank. But a governmental paperwork error had been made a long time ago and no one caught the error until after he bought the property. But it took a long time to fix it due to different levels of government that needed to fix the original error.
My friend still lives there today and I doubt he will ever move out.