Wednesday, October 20, 2010

Title insurer puts conditions on foreclosure sales

Title insurer puts conditions on foreclosure sales:
"f there proves to be any problem with the accuracy of a title because of shoddy paperwork, the lenders would be responsible for losses under Fidelity National's new policy.

'We are obviously reading the same thing that everybody else is about investigations by attorneys general and other regulators into this, and there has been a certain cloud put on [lender-seized] properties going forward, and we want to make sure that cloud is lifted,' Sadowski said.

A major insurer, Old Republic National Title Insurance, said this month that it would not back homes foreclosed on by J.P. Morgan Chase, which halted seizures in some states after paperwork problems surfaced. And Fidelity National has an agreement with Bank of America that the bank must sign warranties on every foreclosure sale, Sadowski said."

No comments: