Quick lot loan question...

[sparkytheop]

If I refinance a lot loan (from owner carrying the contract, to using a bank to finance half of what I owe, which is about 1/4 of what the property is worth), will there be a title company involved?

Washington state, and there was a title company involved in the original property acquisition. 

If it helps, I'm hoping the answer is "yes".

If it's not automatic, can I request it?

[August26th]

Pretty sure your answers are yes and yes......

You always have the right to request a title search and pay for title insurance, and have a title company handle it.

Not sure I understand your concern, other than it sounds like you want to have a middle-man between you and the bank.... anything we’re missing?

[sparkytheop]

Pretty sure your answers are yes and yes......

You always have the right to request a title search and pay for title insurance, and have a title company handle it.

Not sure I understand your concern, other than it sounds like you want to have a middle-man between you and the bank.... anything we’re missing?

Thanks for the response.

There is a lot going on.  I'm actually getting a middle man between me and the guy who is carrying the contract (who I bought the lot from).  Long story short, he is attempting to force me to continue to make payments (and interest $$) by refusing to communicate with me and provide me with a pay off amount.

He did finally speak with me a few times after I contacted his lawyer, and the first thing he said was "I don't want it paid off this year because I don't want to pay the taxes." 

I'm attempting one more phone call today (he's gone another week refusing to speak with me) and then I get a lawyer on Monday.

I was willing to work with him (sign a new contract that says I pay no interest on the loan for the rest of the year, and pay off the balance in January), but he's gone back to just refusing to communicate.

I was told he "won't mess around with a title company", so I was going to force getting the payoff amount through them.  After more games from him though, the best move will be getting my own attorney.

[sparkytheop]

Sounds like you're paying to someone and you're not on the title and don't have title insurance...which is really risky.  And where fraud is most likely.  Definitely consult a lawyer; sounds like a mess already.

No, there was title insurance and I have the title, but I don't have the deed (because it's not paid off).

I did get a lawyer though, and we have a game plan.  Just waiting for one more thing to come through for me.

I also found out the answer... title company will only get involved again if I sell the property or refinance it.

My failure was to not insist on going through an escrow company for payments (like we did for down payment, earnest money, title, etc). 

[sparkytheop]

Glad it's not as it sounded or I misread that. 

Ah.  Now I get it. 

Yes, that's a pain.  Lawyer is the answer.  But it will probably have to be a LOT of headache before taking action with a lawyer will be worth your while either, if I had to guess...

There was a ton of pre-lawyer headache (and stress).  There will continue to be some even with having a lawyer, I'm sure.  But, I can move forward now and his ignoring game won't work anymore.  Fortunately, my lawyer has gone to battle against former land owner and his lawyer before, and won (over a different issue).  So, lawyer had no problem taking me on, described it as "easy" since I already understand the headache going forward (having to remove junk myself), and will escalate as needed (he is not afraid at all to take this guy to court, and would request my lawyer fees covered at that point as damages from breach of contract if the guy refuses to send me the deed).

I'm just waiting on the last check to come through so we can make the next move. 

[sparkytheop]

A little update...

I sent a wire transfer today, so property should be paid off and my lawyer will contact his lawyer to get the deed.  I actually walked out of my credit union a little light headed, but glad that step is over!