2022 Boise Idaho Real Estate Blog

Ten Way to Lose your Property

Main Idaho Real Estate Insights

Real Estate: Here today; Gone tomorrow.

Ten Way you can still lose your real estate-

  1. Mechanics Liens: Persons that Provide Labor, Services or Materials to repair or improve property, if unpaid, can file a lien up to 90 days after services rendered.
  2. Forged Signatures on a Note or An Owner satisfies a Mortgage and the satisfaction is recorded, but the note had already been assigned to another and records do not disclose the sale of the note.
  3. Notice of Default and foreclosure on a property due to an undisclosed existing mortgage of the seller.
  4. Notice of Default or Foreclosure due to Child Support or Divorce Decree Judgements undisclosed by the seller.
  5. If the property lies below the high water mark as it existed originally, in its original state, The State of Idaho is the owner of the property and the surface of the water is subject to Public Trust.
  6. The Power of Attorney may contain a forged signature of the principal or the Power of Attorney may not provide for the conveyance of the real property.
  7. Bankruptcy. Although the Title remains in the name of the debtor, the Trustee in bankruptcy court controls the property in Chapter 7. In a Chapter 13 bankruptcy, the plan proposed by the debtor must be approved by the court.
  8. Purchasing a foreclosed property where a lien against it was not properly served and was not affected by the foreclosure thus still affects the property
  9. Fraud. Someone using an Alias when selling real property and thus the true owner still owns the property.
  10. A seller is doing pre-planning for their bankruptcy and sells off their real property without satisfaction of the mortgage. The courts can reverse the sale.

How can you protect yourself?

Title Insurance protects your ownership up to the day it is recorded but unforeseen events after that are not protected! Believe it or not residents right here in Treasure Valley lost their property after the Title was recorded. 

Posted by tlangford at 1/12/2015 3:11:00 AM

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