Real property transactions are fraught with risk. This is why it's so very important that we in the industry maintain our tradition of expert title search and examination.
You know, it might surprise you but there has been a trend in this business to hire abstractors with very little experience or even to rely upon computer generated searches. Then these less than adequate searches may or may not be reviewed by an experienced title examiner.
Title insurance companies think this is acceptable because you are insured and you can make a claim. What they are not considering is the trouble you are experiencing and that really makes me angry.
It takes time to file a claim. Transactions and lives are put on hold while facts are sorted through. Sometimes you might reach a settlement but not like the outcome. For instance, what if you are faced with having to take a monetary settlement instead of keeping the beautiful home you put so much love into?
Land and the homes we make are so much more important to us than economic rationality. I'm not saying that you shouldn't be smart. In fact, I AM saying you SHOULD be very careful who does your title work.
Consumers who really care must consider price AND quality when selecting their title insurer.
So, to answer your query, make a claim on your title insurance policy. Let your title insurer go to bat for you and if they made a mistake that's covered as an unreleased lien would normally be covered, they'll fix it for you.
You know, it might surprise you but there has been a trend in this business to hire abstractors with very little experience or even to rely upon computer generated searches. Then these less than adequate searches may or may not be reviewed by an experienced title examiner.
Title insurance companies think this is acceptable because you are insured and you can make a claim. What they are not considering is the trouble you are experiencing and that really makes me angry.
It takes time to file a claim. Transactions and lives are put on hold while facts are sorted through. Sometimes you might reach a settlement but not like the outcome. For instance, what if you are faced with having to take a monetary settlement instead of keeping the beautiful home you put so much love into?
Land and the homes we make are so much more important to us than economic rationality. I'm not saying that you shouldn't be smart. In fact, I AM saying you SHOULD be very careful who does your title work.
Consumers who really care must consider price AND quality when selecting their title insurer.
So, to answer your query, make a claim on your title insurance policy. Let your title insurer go to bat for you and if they made a mistake that's covered as an unreleased lien would normally be covered, they'll fix it for you.
2 comments:
I am married and going through a divorce. I found out yesterday my husband obtained a line of credit against property we both own and with this line of credit took all the equity out of the property. My question is HOW CAN THIS HAPPEN WITH OUT A TITLE SEARCH!? Do I have a claim against the bank and the title company?
Tampa, FL
You should contact your attorney ASAP. The attorney can speak directly with the lender. Some home equity lines never get filed as liens. They are personal debts. If the equity line is actually filed against the property, your attorney can defend your position and question the validity of the lender's lien which might get things straightened out for you.
Divorce cases have a high incidence of fraud and it's just possible your husband had someone pretend to be you and sign documents.
So, best advice, get your attorney working for you pronto. Good luck!
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