Friday, February 27, 2009

message to Ken or Kent

You asked me to call you to help answer a question you couldn't find on the blog.

I'm the person you hung up on.

If you still need help, please shoot an e-mail to

How to write a “Qualified Written Letter” to your Lender

Follow this link. These folks did a good job of it and I like their easy to use sample.

Saturday, February 21, 2009

Proof of Loss.....the Owner Policy lingo

In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must described the defect, lien, encumbrance, or other matter insured against by the policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage.

Notice of Claim to be given by Insured Claimant .....the Owner Policy lingo

The Insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 5(a) of these Conditions, (ii) in case Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title, as insured, and that might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title. If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured Claimant under the policy shall be reduced to the extent of the prejudice.

Wednesday, February 18, 2009

Next Ace marches on as an automaton of title

ORANGE, Calif.–(BUSINESS WIRE)–NextAce, a title automation and business process optimization Inc. 500 company, today announced the completion of its one millionth title order through its automated title system, TitleEDGE.

Title companies and underwriters servicing 253 counties in 23 states currently use TitleEDGE, and in doing so, NextAce estimates it has saved the title industry over $37 million through staff reductions and decreased production costs. Read more...

replace expert humans with a cheap automation Idiocracy evolving.... dc

Friday, February 13, 2009

query: what if the title commitment isn't received on time

You'll need to postpone your transaction to await the title commitment.

This is yet another reason to shop carefully for title insurance services. Ask how long it normally takes to produce a title commitment and then make certain you allow enough time.

When a consumer calls my office and asks that question, I tell them it will take 7 to 10 days to produce a title commitment. I don't bend on that because I know that's reality. I know lots of title agents who will bend on the initial promise and when they can't bend reality later, the consumer will be forced to face it and be disappointed.

Why does it take 7 to 10 days to produce a title commitment? We have a professional abstractor do a full search, we have to get lien letters from numerous municipal agencies who want a check in hand as payment for creating these letters. We have other customers who we are are serving and we treat all customers with equal care and consideration.

So, when you come across a title agent who says they can produce a title commitment in hours, you must ask yourself whether this person is doing a full search and examination, are they promising more than they can deliver, do they have no other customers or have they decided to place your interest before others and will they do that to you if a bigger deal walks through the door?

With interest rates fluctuating, we keep in mind that you have serious deadlines and we work with you to get where you have to be and with realistic expectations.

I think it's fair to say PA notary laws need work.

Our investigation also demonstrated that the lack of requirements and laws governing Notaries Public, and the ease with which Notaries, and ring leaders, Carlos Quiles, Ivan Delgado, and accomplices and co-conspirators, Lenora Irene Jackson (Evans) and Rebecca A. Robinson had in committing these crimes because no one seriously enforces State laws requiring the person who sells a property to appear in person before the Notary Public. Moreover, State Law does not mandate that the Notary keep a thumbprint or photo identification presented to them with the paperwork they are required to keep should an investigation be commenced. This allows the Notary “not to remember” the person who appeared before them due to the heavy volume of people needing a Notary’s services. In this case, some of the Notaries didn’t keep required logs, and, of course, didn’t care if the signatures were known forgeries. Read more....

Friday, February 06, 2009

PA title agent indicted

In the following press release [pages 8 & 9] Mary Beth Buchanan, United States Attorney for the Western District of Pennsylvania announced thay a grand jury returned an indictment charging Kenneth Fox, age 42, of 110 Penn Manor Road, Irwin, Pennsylvania 15642, with participating in a Wire Fraud Conspiracy and a Money Laundering Conspiracy.

The indictment alleges that Fox and another individual operated a closing company called Southwest Settlement Services. As a closing company, Fox and Southwest Settlement Services was charged with paying off liabilities associated with the collateral underlying the loans, like mortgages, in accordance with the lender’s instructions. The indictment alleges that Fox and his co-conspirators did not pay off the mortgages as instructed, but used the money for their own benefit. The indictment further alleges that to conceal their fraud, Fox and his co-conspirators used money from subsequent closings to make mortgage payments and pay off mortgages that should have been paid off through earlier transactions.


Wednesday, February 04, 2009

query: can judgment lien be on more than one home at the same time

Yes. A judgment is against a person and in most cases attaches to all of your assets.

Tuesday, February 03, 2009

goodness, gracious

There are reports out of State College, PA of a car bombing and a molotov cocktail being thrown into someone's livingroom - these acts by fellows engaged or previously as mortgage brokers and perhaps a title agent.

According to police the goons were under pressure due to regulators having had shut down their businesses.