tag:blogger.com,1999:blog-36096789.post652139897730867295..comments2023-04-11T01:02:46.639-04:00Comments on Title Insurance Talk bsherry@tcsclosing.com: query: what happens to documents when title company out of businessBecky Sherryhttp://www.blogger.com/profile/06708452533161661554noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-36096789.post-56000982977381769682015-11-11T13:16:50.324-05:002015-11-11T13:16:50.324-05:00I'm guessing the 2000 mortgage was paid off in...I'm guessing the 2000 mortgage was paid off in a refinance in 2001? That means you probably paid for lender title insurance in the refinance, right?<br /><br />[If I have misunderstood, let me know.]<br /><br />If you have a copy of the HUD-1 Settlement Statement from the refinance in 2001, ask the title underwriter to use that for a basis to issue indemnification to the new title insurer for your buyer. That will often clear the way for closing.<br /><br />If you lost the HUD-1 you could ask your mortgage lender from 2001 if they will give you a copy.<br /><br />Hopefully someone is contacting the 2000 mortgage lender and asking them to verify that the mortgage is paid in full. Lenders often neglect to file satisfaction documents at the courthouse OR sometimes the courthouse indexes them improperly so they can't be found. The lender can file a sat. piece now.<br /><br />If no one will help you, you could contact the state insurance department to see if they will assist in getting the title underwriter to be more interested in a resolution. The agent who went out of business was supposed to verify that the satisfaction was filed and they didn't do their job, hence the title underwriter didn't do their job.<br /><br />I am sorry that you are experiencing this problem. Thank you for posting the comment as it DOES help consumers to understand the value of keeping important papers, just in case.Dhttps://www.blogger.com/profile/13347332449162866987noreply@blogger.comtag:blogger.com,1999:blog-36096789.post-8079667265815665022015-11-11T12:50:16.135-05:002015-11-11T12:50:16.135-05:00I have a mortgage from 2000 that showed active on ...I have a mortgage from 2000 that showed active on the title search. The title company is no longer in business. I contacted the underwriting company but they have no records for the 2001 mortgage that would have paid this off. What options are there to clear our title so we can close our va loan. minnesotahttps://www.blogger.com/profile/03637046543002893981noreply@blogger.comtag:blogger.com,1999:blog-36096789.post-37726542031527120612007-09-05T15:21:00.000-04:002007-09-05T15:21:00.000-04:00It's a very interesting topic. Add to that the es...It's a very interesting topic. Add to that the escheat issue and it gets REALLY interesting. I am in the middle of a Dept. of Treasury escheat audit that has been going on now for a few weeks. I hope I've made the right decisions all along but since there really isn't title underwriter guidance I've made my own calls on what to do and when.Dhttps://www.blogger.com/profile/13347332449162866987noreply@blogger.comtag:blogger.com,1999:blog-36096789.post-89346473752567019292007-09-05T15:00:00.000-04:002007-09-05T15:00:00.000-04:00I've been told you give the underwriter call, and...I've been told you give the underwriter call, and set aside 6 months of operating expenses if you want to do this the right way. I wonder how often this happens.<BR/><BR/>My partner and I folded our old operations into a new venture. We still service those files, but I don't think we have to. We just do.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-36096789.post-45842072990931876462007-09-05T11:18:00.000-04:002007-09-05T11:18:00.000-04:00I really never thought about it - I was guessing.I really never thought about it - I was guessing.Unknownhttps://www.blogger.com/profile/18153248345914334855noreply@blogger.comtag:blogger.com,1999:blog-36096789.post-47289744347432787762007-09-04T14:15:00.000-04:002007-09-04T14:15:00.000-04:00Hi, Todd. Not in PA. I'm not sure about other st...Hi, Todd. Not in PA. I'm not sure about other states. The title underwriters will account for and take their policy jackets but as for the transaction files? I know of no rules here. Certainly when I closed Statewide no one even asked about those files OR the money left in escrow accounts. On my own I took over custody of the files in the new company and moved the money for outstanding escrows into the escrow account for The Closing Specialists. We continued to administer the funds until the remaining balances were finally turned over to the state in the escheat process.Dhttps://www.blogger.com/profile/13347332449162866987noreply@blogger.comtag:blogger.com,1999:blog-36096789.post-5739553562448721982007-09-04T14:02:00.000-04:002007-09-04T14:02:00.000-04:00Wouldn't those files go to the original licensing ...Wouldn't those files go to the original licensing authority?Unknownhttps://www.blogger.com/profile/18153248345914334855noreply@blogger.com