An area of our Michigan real estate practice that seems to draw a lot of questions involves curative measures for obtaining marketable title to real property.
Given the interest and potential uncertainty surrounding such curative issues, we thought it would be a good idea to periodically post updates about strategies and tactics that can help our readers obtain marketable title in Michigan.
Responding to curative title issues requires particular legal skills in order to promote and efficient and effective resolution. One area of inquiry constantly brought forth title showing an undischarged mortgage.
This is certainly true in cases involving a mortgage in bankruptcy proceedings.
Title Tip: If there is an outstanding mortgage on property you wish to acquire, have you checked to see if the borrower(s) has been in bankruptcy and whether or not that outstanding mortgage was dealt with in the proceeding?
Depending on how the mortgage was handled in bankruptcy, it can affect one’s ability to obtain marketable title. It may even prevent it. So, it is always advisable to review bankruptcy early in the acquisition process.
It’s also a good idea to work with competent legal counsel to make sure you don’t step in it and lose valuable time and money chasing a fool’s errand.
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