Indemnity or quiet title action?
My husband and I purchase land that had a 1976 mobile home on it in 1992. Part of the financing was carried by the lady we purchased it from. This financing was placed as a lien on the title for the mobile home only (not on the deed to the property). She died in 1996 two months prior to us paying off her portion. We sent the last two payments to her son and never received a lien release from him in return. (this was just recently discovered). I did find a letter I wrote to him in 1996 requesting it for the bank where we were refinancing. I had assumed he sent it there as I heard no more about it. We are now trying to close on the property (was supposed to close Nov. 6th 2007 but due to this being on the mobile title we had to cancel).
The title company sent a lien release standard mail to the last known address for this gentleman even though the phone number I had for him there has been disconnected. Their plan was that he would still be there and living, would sign the release, mail it back and all would be good. That has not happened and I have finally been told that they would not be insuring that title anyway due to it being "personal property" and the deed is the only thing they would be dealing with (which has no problems with it). They told me my options include a "Quiet Title Action" or to file an "Indemnity" both of which they simply said I had to "talk to my lawyer" when I asked what they were.
I don't want to invest a great deal of money here because the trailer itself isn't worth much. It has since had a "house" built around it and won't be going anywhere. While living there (we moved out in 1999) we made the 980 sq ft trailer into a 2000+ sq ft home. What I am wanting to know is...
Which route would be the best to take now? The lien was paid in 1996 so what would be my best plan of action to go forward with this sale as quickly as possible? Quiet Title Action or Indemnity and what is involved with either route.
Thanks in advance for any assistance offered as this is new territory for me that I know absolutely NOTHING about.
