[tonygoodheart]

Sorry for not reading the other post. I remember that is how it was explained to me, kinda confusing though. Can a title actually get lost through all this hoopla?

[eventusstultorummagister]

Originally Posted by tonygoodheart

Can a title actually get lost through all this hoopla?

No, the banks have unilaterally decided that recording titles is a hinderance and has been deemed nonessential therefore they don't actually lose them, they just don't bother to record them. Only an issue when it comes time to foreclose or sell but they are determined and have found a workaround. It involves breaking the law but that doesn't seem to bother anyone at the bank.

[alano]

But what former homeowner would want to take their home back at pre-foreclosure prices? None of them.
Their only recourse is to cause trouble to the current homeowner and perhaps embroil the title company and the former bank and new bank in a lawsuit to get paid some money to end the hassle.

Title insurance covers a bad title. Can title companies be the next bubble to burst?

[AONE]

This is why you get a reputable title company.

People that get loans on homes (from Federal banks) are entitled to select a title company of their choice. Banks for years have been selecting title which is a violation of RESPA Title 9. Buyers... pick your title companies.

[ScoopLV]

Most buyers don't know to choose their own title company. And not many Realtors around here know to tell them.


Let's find out. A lot of regulars have recently purchased a house. How many of you were told by your Realtor before closing, "You can choose your title company, and I recommend XYZ Title?"

[eventusstultorummagister]

Originally Posted by alano

Title insurance covers a bad title. Can title companies be the next bubble to burst?

Title insurance is meant to protect against "ordinary" title defects not to cover "fraud", the risks posed here are ENORMOUS[deliberately emphasized]. When the investigators started pulling files and looking at the foreclosure documents it wasn't that SOME of the files were bad, they were ALL tainted!

As a result, the title insurance companies began adding clauses which required the lenders to warranty the paperwork against "incompetent or erroneous affidavit testimony or documentation".

[eventusstultorummagister]

If it is determined that an "unlawful" acquisition occurred as a result of a fraudulent foreclosure then it could potentially render the 1099-A that the lender filed with the IRS invalid also. Then you get into the FCRA which has statutory and punitive damage provisions for deliberate wrongdoing.

[NoMoreRJ]

Looks like Ch 8 is doing a lot more stories on RE thanks to one of their own paying mortgage on a home he "doesn't own".
The whole town should have been covering this ever since that one woman got kicked out by BofA foreclosure agent who foreclosed on the wrong condo. If that wasn't a sign of shady foreclosure practices and loose or no regulation in kicking people out.
I can't believe we are in this state after all the crap with the Bubble bursting, now we got another bubble of crapped out foreclosures.

[ScoopLV]

Originally Posted by NoMoreRJ

Looks like Ch 8 is doing a lot more stories on RE thanks to one of their own paying mortgage on a home he "doesn't own".
The whole town should have been covering this ever since that one woman got kicked out by BofA foreclosure agent who foreclosed on the wrong condo. If that wasn't a sign of shady foreclosure practices and loose or no regulation in kicking people out.
I can't believe we are in this state after all the crap with the Bubble bursting, now we got another bubble of crapped out foreclosures.

While I'm glad somebody is stepping up to cover this, it shouldn't be someone effected by the problem. That's a conflict of interest, right there. Even though he disclosed that he owns a flawed former foreclosure. Now he's going to be seen as someone with an axe to grind.

Sigh. What passes for "journalism" these days.

[Tires]

Originally Posted by ScoopLV

While I'm glad somebody is stepping up to cover this, it shouldn't be someone effected by the problem. That's a conflict of interest, right there. Even though he disclosed that he owns a flawed former foreclosure. Now he's going to be seen as someone with an axe to grind.

Sigh. What passes for "journalism" these days.

He didn't know he had the problem until after the story on the other people was already started and the attorney interviewed made the comment that 90% of properties that had ever been a foreclosure were affected. He then said if it's really 90%, why don't you check my house too?