FAQ: Will I receive a clear title if I purchase at a Maryland trustee sale?
Maryland trustee sales are the foreclosure auctions that take place at the county court houses. When mortgage borrowers default on their payments, it is also likely that they have other delinquency problems. Some have collection accounts, judgments or IRS liens. To further compound issues, there is a higher frequency of fraud during the foreclosure process than is found in normal real estate transactions.
Trustee sale purchasers should have a team of experts to assist with various aspects of the transaction. An important member of that team is the attorney that will handle communications with the trustee and will conduct the settlement. These transactions can have complications and it is wise to use an attorney with comprehensive knowledge of the foreclosure process and a working relationship with the lawyers that serve as trustees. We use Mike Hollman at Village Settlements in their Kentlands office.
Simply stated, trustee sale purchasers should not go to settlement until their attorney confirms a clear title. We always recommend the purchase of title insurance to cover any unknowns and the possibility of fraud.
This post is part of a series of blogs relating to the practical aspects of Maryland trustee sales.
Rose, Kentlands, Spring Flowers IMG_9394
Photograph by Roy Kelley, Canon PowerShot G11 Camera
Roy and Dolores Kelley Photographs
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