Sorry, I'm at home as I write this and so I don't have the ALTA number in front of me.
Has anyone had any claim experience in which this endorsement comes into play?
We issue it all the time for lenders mortgaging a manufactured home or a mobile home which has been permanently attached to the land.
The endorsement doesn't really say much. It simply includes the manufactured home in the definition of land.
So, here's the question posed to me today by a lender. If the house is dragged off the lot and the lender acquires the property through foreclosure, how does this endorsement play into a claim?
My answer. I have no idea. Here's what the endorsement says...blah blah as mentioned above.
I don't see how this language gives the lender anymore coverage than they have in a situation in which the borrower violates the mortgage warranties and demolishes the dwelling. In either case, the house was part of the land and in either case, the house is toast.
Anyone out there have experience with this kind of claim?