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Getting Creative to Solve Title IssuesThere were five loans secured by doublewide mobile homes and land. There were recorded lease purchase agreements in lien position ahead of the Bank. One home was occupied by the original tenant under the lease purchase agreement. The whereabouts of the other tenants were unknown. The attorney advised us to proceed with a costly, time consuming judicial sale in order to close out the lease purchase agreements in order to have clear title to the properties. We queried the attorney and found that these tenants could sign their interest in the property to the Bank. A search for these individuals was successful in locating 4 of the 5 tenants. A token payment was made for them to deed their interest. The Bank saved thousands of dollars in legal fees. In each case study, we were able to assist our client Bank from experiencing significant losses. In each case, the Bank's management would have gone in a different direction had Crossroad Credit and Portfolio Management LLC not been involved. |
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