How Can a Bank Lose a Title Deed?

[Simanova]

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I would say they were in the process of stealing the land.

http://nairobinews.nation.co.ke/chillax/suzanna-owiyo-husband-sues-bank-sh500m/

[Empedocles]

I would say they were in the process of stealing the land.

http://nairobinews.nation.co.ke/chillax/suzanna-owiyo-husband-sues-bank-sh500m/

Similar thing happened to a buddy of mine. Found a nice plot for sale in Karen. Owner was leaving the country. My buddy did all the necessary verification and everything came out honky dory, except the title was charged by HFCK for a loan.

Owner got the discharge and everything transferred i.e. sale concluded. Couple of years down the line, it turns out that the discharge from HFCK was faked internally and title released irregularly. Loan had never been paid back, seller was long gone with the wind, and what with our exorbitant interest rates, the outstanding amount was crazy.

In the meantime, buddy boy had already built a house on the said plot using a loan from another bank with the title as collateral.

Ahh, Kenya!

[Georgesoros]

Whoa!!
So what happened???
He lost the land and the money?

I would say they were in the process of stealing the land.

http://nairobinews.nation.co.ke/chillax/suzanna-owiyo-husband-sues-bank-sh500m/

Similar thing happened to a buddy of mine. Found a nice plot for sale in Karen. Owner was leaving the country. My buddy did all the necessary verification and everything came out honky dory, except the title was charged by HFCK for a loan.

Owner got the discharge and everything transferred i.e. sale concluded. Couple of years down the line, it turns out that the discharge from HFCK was faked internally and title released irregularly. Loan had never been paid back, seller was long gone with the wind, and what with our exorbitant interest rates, the outstanding amount was crazy.

In the meantime, buddy boy had already built a house on the said plot using a loan from another bank with the title as collateral.

Ahh, Kenya!

[Empedocles]

Whoa!!
So what happened???
He lost the land and the money?

Last I heard, they were still in court.
Equity, cause they lend out using the title and were holding it.
HFCK cause they were claiming ownership of the title.
The buyer, who was stuck in the middle of a sh!tstorm and had to stop building. The house is still a shell.

[Georgesoros]

Kenyan courts move at snail speed
[
quote author=Empedocles link=topic=3304.msg23237#msg23237 date=1469258656]

Whoa!!
So what happened???
He lost the land and the money?

Last I heard, they were still in court.
Equity, cause they lend out using the title and were holding it.
HFCK cause they were claiming ownership of the title.
The buyer, who was stuck in the middle of a sh!tstorm and had to stop building. The house is still a shell.
[/quote]

[Simanova]

I once wanted to buy a house in Nairobi. Was shown the one I liked and was about to do the deal when my cousin - a wheeler dealer turned up with police. My sellers vanished. Turned out it was a scam from the very start. Owner of the house lives abroad. The house keeper was in on it. They even got some Indian to pose as the "owners brother".

[RV Pundit]

Staff collusion.

[Simanova]

Actually I wondered how they could get all the documents in order. I did at search at lands and it came back clean

Staff collusion.