Saturday, May 30, 2009
I noted that a local attorney handled the conveyance. I'm pretty certain he is not a title agent but he is the solicitor for the municipality and that helps because two of the liens are municipal liens. I called the municipality and they will satisfy the liens for us.
Municipal liens are not divested by foreclosure. Keep that in mind. If the attorney had known that he would have insisted that the REO lender pay the liens when they sold the property. They weren't huge liens, but the municipality might have been happy to receive about $2,000.
The other two surviving liens are federal tax liens and they survive because the USA was not named as a defendant in the foreclosure action. That's the proper way to give notice to the USA.
So, I am hoping this won't take too long to resolve. I'm fairly certain we'll have an argument from the attorney who handled the last transaction but if he issued title insurance to our seller, the underwriter will assist.
Consumers should remember that attorneys and non-attorney title agents make mistakes. They are human and that is why you must always purchase an owner policy from a reputable and solvent title company. Title insurance is your safety net.
Thursday, May 28, 2009
Friday, May 22, 2009
Wednesday, May 20, 2009
Monday, May 18, 2009
James Robert Maher, 59, a retired executive with the American Land Title Association, died May 5 of kidney cancer at his home in McLean.
Mr. Maher joined the American Land Title Association, the trade association for the abstract and title insurance industry, as general counsel in 1984 and was promoted to executive vice president four years later. He was responsible for managing the association's legislative, legal and research activities, as well as its education and public relations work. He retired from ALTA in 2007 but continued working as secretary and counsel of the Title Industry Assurance Company and the Title Reinsurance Company. He also was a board member of Mortgage Electronics Registration Systems.Read more....
Friday, May 15, 2009
The title company was generous. I'd cash that check and be grateful.
Whether you have recourse with others, well, I think you need to pose that question to an attorney.
Glad you were able to find some relief and clarity on the issue. Thank you for the follow up. I will post this as it will be helpful for others. Take care!
Wednesday, May 13, 2009
Monday, May 11, 2009
Thursday, May 07, 2009
Topics discussed at the hearing will range from the basic structure of the product, the pricing of the product and the relationships between the title insurance companies and those who sell the product. Consumers and those from the title industry who are interested in testifying are encouraged to attend.
The department is charged with overseeing the title insurance business in
Information about the upcoming hearing and related materials are available for review on the department's Web site. Interested parties should visit www.insurance.state.pa.us, go to "Topical Information" on the right side of the site and click on "Title Insurance Hearing."
Tuesday, May 05, 2009
That's reading a bit into your query but in my title world, that's the meaning of those words. ;)
I immediately did three things. I sent letters to the seller and the tax claim bureau, then opened a claim with the title underwriter.
Response from tax claim - not sure what happened but taxes are owing, pay up!
Response from seller - knew the taxes were owing and mistakenly thought they had been paid during closing. Doesn't have the money anymore but will try to send some in a few months.
Response from title underwriter - contacted the director of the tax claim bureau and successfully made the case that the tax claim bureau system must be reliable. Tax claim researched the matter and found that it had been a software malfunction. The director of tax claim got the software company to pay the tax.
YEAH! Good job, title underwriter [Old Republic] and director Samuel Runco of Cambria County. Nicely done.
Saturday, May 02, 2009
When a typographical error is discovered, such as an incorrect lot number, the title agent or title company would normally prepare and file corrective instruments at no charge to you.
If you are getting the run around from a title insurance provider, go up the chain. Use certified mail and send a letter to the title company you see named on the title policy jacket. If an address is provided, use that address. Copy your state insurance regulator.