WHO HAS TITLE? A
New Orleans lawyer sought an FHA (Federal Housing Administration) loan for a client. He was told that the loan would be granted if he could prove satisfactory title to a parcel of property being offered as collateral. The title to the property dated back to 1803, which took the lawyer three months to track down. After sending the information to FHA, he received the following reply: “Upon review of your letter adjoining your client’s loan application, we note that the request is supported by an Abstract of Title. While we compliment the able manner in which you prepared and presented the application, we must point out that you have only cleared the Title to the proposed collateral property back to the year 1803. Before final approval can be accorded, it will be necessary to clear the title back to it’s origin.” Annoyed, the lawyer responded as follows: “Your letter regarding Titles in Case No. 189156 has been received. I note…
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