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Wrong property description in Deed in lieu of foreclosure

Posted on: 31st Dec, 2008 01:51 pm
i signed a deed in lieu of foreclosure. now the bank and i have discovered that the description of the property in the deed doesn’t match the property that the bank intended to foreclose on. maybe i should also mention this is the second time that the bank has used a wrong property description on the same property. when i refinanced this property 5 years ago, the bank “forgot” to include any property description and the mortgage was basically an unsecured loan. when i defaulted on the loan, the bank discovered during the foreclosure that the property didn’t have a description. then i signed a court order allowing the mortgage and title to be corrected with a property description; however, this property description was for a wrong property. then i signed this deed in lieu of foreclosure for my mortgage that has this wrong property description the bank created. do i have to go through the process of signing a new deed in lieu of foreclosure or is the bank going to sue me for the mistakes they continue to make.
Hi Maihama!

Welcome to forums!

As far as I can understand from your post, I think it was the bank's fault that they gave a wrong description of the property. I don't that the bank will be able to sue to. However, in order to correct it, you may have to sign a deed in lieu once again. But it will be better if you can take the help of an attorney in this regard. The attorney will be able to guide you so that you can take the right steps in order to rectify the errors.

Feel free to ask if you have further queries.

Sussane
Posted on: 31st Dec, 2008 07:24 pm
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