Q: We purchased our house in 2008, only to find there's a breech of contract—title NOT free of encumbrances.
We discovered in 2016 our house was foreclosed back in 2011 by the bank that issued our builder's loan. This has robbed us access to our equity and the consideration upon signing the contract to begin with. We are still living in the house. Is the contract void? What are our rights?
A:
I think we talked about this one at some length.
1. Figure out what a third-party bank thinks is wrong with your title, if anything. -- Title insurance issue.
2. What were the terms of the modification that you signed? Were there misrepresentations made to you to induce your agreement? Potential Fraud issue.
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