InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] I dunno... Posted by Rick, the Probate Guy on May 13, 2009 at 7:32 AM In Reply to: Re: Light on details posted by Tom on May 13, 2009 at 6:39 AM Tom - lenders (and servicers) have no control of the choice of title company on the origination side, especially if a given loan is acquired via assignment or succession. On the resale side, lenders choice of title companies may be limited to contract arrangements or, in the case of short sales, by mutual consent of parties to the buy/sell contract. Absent such an arrangement, they've got to deal with whatever title company is mutally agreed upon. I disagree that a Lis Pendens is something that a good title officer will pass on (remove as an exception and overlook it). An L.P. is a big, fluorescent day-glow red flag that trouble is brewing. I would bet that, along with each title company's company guidelines, both CLTA and ALTA guidelines are pretty specific as to how to treat a Lis Pendens. I don't think it's any small thing. Just as when someone points a gun at me, I'm assuming it's loaded and would be foolishly speculative to believe otherwise. As for clearing an L.P., there's usually a statutory solution, but that may require court. I don't think any title companies will accept some form of "Seller's Declaration Not to Worry About It." Alternatively, title company may be able to get seller to bond or indemnify around it and pass the risk along to an asset-strong seller. Follow Ups: Re: I dunno... Tom 9:47 AM, 05/13/09 (1) Separating the men from the boys? Joke 12:26 AM, 05/13/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Tom - lenders (and servicers) have no control of the choice of title company on the origination side, especially if a given loan is acquired via assignment or succession. : On the resale side, lenders choice of title companies may be limited to contract arrangements or, in the case of short sales, by mutual consent of parties to the buy/sell contract. Absent such an arrangement, they've got to deal with whatever title company is mutally agreed upon. : I disagree that a Lis Pendens is something that a good title officer will pass on (remove as an exception and overlook it). An L.P. is a big, fluorescent day-glow red flag that trouble is brewing. I would bet that, along with each title company's company guidelines, both CLTA and ALTA guidelines are pretty specific as to how to treat a Lis Pendens. : I don't think it's any small thing. Just as when someone points a gun at me, I'm assuming it's loaded and would be foolishly speculative to believe otherwise. : As for clearing an L.P., there's usually a statutory solution, but that may require court. I don't think any title companies will accept some form of "Seller's Declaration Not to Worry About It." : Alternatively, title company may be able to get seller to bond or indemnify around it and pass the risk along to an asset-strong seller. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455