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What is adverse possesion?

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dspencer51 Joined: 15 Jul 2008 Posts: 2 1.00 Dollars($)	Posted: Tue Jul 15, 2008 2:55 pm    Post subject: What is adverse possesion? We bought a property 3 years ago with a balloon note to improve it, then refinance. The refinance went fine with a larger appraisal, a better credit reported for us, and a GFE of 5.8. Then they asked for a survey. We had not had one done when we bought. The survey shows the city has half of our home and pretty much all of our yard that were shown to be part of the original ROW in the plat which was in 1885. Our house was put here in 1935? It has been bought and sold several times. Needless to say but the mortgage lender backed out of our loan. We have little time or money as we've spent most of our money on this house for three years. Please post anything you think can help us. We are consulting a lawyer, but it's been hard to find one not affiliated with the city or title insurance company.
adonis Joined: 22 Oct 2005 Posts: 1457 Location: ALASKA 138.81 Dollars($)	Posted: Tue Jul 15, 2008 9:34 pm    Post subject: Welcome Dspencer, Adverse possession is kind of occupying property and using it for a certain period of time after which you may get ownership of that land as per state and federal laws. The period of occupancy for which you can get the property by adverse possession varies from state to state. Know about periods of occupancy for adverse possession in different states. As for your situation, you need to check with the state laws as to how long you've been occupying and using the part property which actually belongs to the city. _________________ Procrastination is the enemy of your financial sucess
dspencer51 Joined: 15 Jul 2008 Posts: 2 1.00 Dollars($)	Posted: Wed Jul 16, 2008 6:02 am    Post subject: Adverse possession This home has been sitting here since approximately 1935 with numerous mortgages since then and has even been enlarged.
larry Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)	Posted: Thu Jul 17, 2008 6:01 am    Post subject: Hi Dspencer. Home buying is one of the biggest decisions in a person's life. He should take the steps carefully. I should have done the survey when you bought the property. What kind of deed have you used when you bought the property? Haven’t you used a Warranty deed? Best of luck, Larry

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