My question involves real estate located in the State of: OREGON
We refinanced our home in 2009... when the new mortgage company paid for title insurance they ONLY purchased "lenders" title insurance. In 2014 we were notified that there was a Lien on our primary home that stemmed from a rental property I owned at the time of the refi. The county Records show that the lien was recorded 9 months PRIOR to the refi. the title "search" that supposedly was done by the title company obviously MISSED the lien, and "clear" title was conveyed to the mortgage lender.
In 2014 we received a notice from the Lien holder with their claim that "THEY" held first title to our property and NOT the mortgage lender. They proceeded to put our property into a "delinquency" status and were proceeding with an auction dated of Aug 5 2015.
We informed our mortgage company Nationstar of the situation and for several months we have attempted to get Nationstar to exercise their right to file a Title Insurance Claim.
To date we have heard very little other than "we are working on it"....because of Nationstar's LACK of expeditiously moving on our request...we were so threatened by the prospect of an actual foreclosure and sale of our home that we had to borrow money from relatives to satisfy the lien to stop the sale.
QUESTION.... can WE recover some or any of the money we had to pay to satisfy the lien that the LENDER was insured for? Ticor will not speak to US about the Clouded title that they conveyed because it is NOT our title insurance, but the lender's. Can we sue NATIONSTAR for the cost because of their "inaction" on our part? Could that suit cause nationstar to finally claim the damages that were caused by the Title insurance company's FAILURE to actually search the title that they were paid to search in 2009?
We paid $45,000 to satisfy this debt, and MUCH of that was INTEREST that was accrued ONLY because of the title failure. The contention we have is that had the title search found the lien back in 2009 it would have had to have been cleared at the time of the refi. Thus that Interest was in fact allowed to accrue because of the failure of Ticor.