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shoven · Joined: 22 Dec 2009 Posts: 1 1.47 Dollars($)

My wife purchased a house in Alabama and the seller had a 1st Mortgage at the bank. The seller did a wrap-around mortgage with her in 2007, with the bank and the banks attorney's knowledge and approval. My wife filed for homestead exemption in 2007. The bank and their attorney had the original seller to sign them a deed in lieu of foreclosure in Sept. 2008. (recorded in banks name in Oct. 2008) This was done without our knowledge (or approval), until after the fact. The bank started contacting me and telling me it was a better deal for us to allow them to transfer property into our name. At no time, did the bank nor the attorney disclose the tax consequences. In Feb. 2009, I signed a mortgage and note with the bank. The bank notified me by email lat week, that they had been sent the tax statement for 2008. The amount was over double the homestead amount. I went to the court house and was advised that the bank had never recorded deed in my name. It was still in the banks name. I went and talked to the banker and he said that he had given me credit for the taxes on the closing statement but when he looked, he had not given me any credit. He attempted to call the attorney but he was not in and he said that he would call me back. Ove 36 hours and I have not heard from him

smithsussane · Posted: Tue Dec 22, 2009 8:42 pm Post subject:

Hi shoven!

Welcome to forums!

I would suggest you to contact the lender first and check out if he has sorted out the whole issue. If you do not get a proper reply from him, you should immediately contact your attorney and take his opinion in this regard. You should understand that if the property deed is not recorded in your name, then you will not be considered as the owner of the property.

Feel free to ask if you've further queries.

Sussane

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What is my legal position?