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Buyer, title insurer sue FDIC over purchase gone awry
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Court Report
Wednesday, July 1, 2015
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After the owner of property in Rancho Santa Fe, Calif., declared bankruptcy, it arranged for the property to be sold via short sale. All of the lienholders agreed to the short sale, but the Federal Deposit Insurance Corp., acting as receiver for one of the lenders, had some conditions that needed to be met first. Those conditions weren’t met, but the sale was closed. It became the first lienholder on the property and moved to foreclose. Once the title insurer paid the outstanding debt on the lien, the title insurer and buyer sued the FDIC for failing to adhere to the earlier agreement to release its lien for a lesser amount. Read on for more details.
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