All Forum Posts by: Tom Gimer

@Russell Brazil That is odd that this is falling on title u/w. The only things I can think of are if lender has made additional collateral a requirement (and none exists) OR is requiring a particular endorsement to the loan policy which cannot be issued under the circumstances. 

2 + 2 = 4

If you get a discount for being in the club, guess who owns / owns a portion of / pays referral fees to this TC company.

@Jay Hinrichs Regardless of what this TC's website says in the disclaimers, the pricing menu arguably reflects the unauthorized practice of law in several places. And yes there is post closing and servicing included plus loan doc prep, etc. I would think some fine tuning of the content is warranted... not trying to be a wet blanket here but just wow.

Earnest money is not a requirement for a valid contract. I promise to pay $W to X seller on Y date for Z property and X agrees to transfer over to buyer Z property at settlement is a valid contract if properly executed by persons with capacity and the property is reasonably described.

Think about it. Is there really a difference between $0 EMD and $100-300 EMD? Not much.

That said, would I ever take my property off the market without a suitable EMD and a method of forfeiting it? Hell no.

@Account Closed Sounds like providing brokerage services to me.

There are third party note servicing companies that specialize in this. They have account setup fees, monthly fees, ACH fees, etc. so it's not cheap but also not as suspect as this very vague arrangement.

The answer here isn’t so simple.

Most (if not all) title insurers will refuse to insure an instrument executed outside of the US by a foreign national using the remote online notary (RON) process.

Most (if not all) title insurers will insure an instrument executed within the US or outside the US by a US person using RON.

Some title insurers will insure an instrument executed within the US by a foreign national using RON.

Lenders can make their own policies and business decisions. Just because a state permits RON or a title insurer allows RON under certain circumstances doesn’t mean a lender has to.

In my experience when a bank records a quitclaim deed in a situation such as this it’s because they conducted their research and concluded that they could not sign a release or certificate of satisfaction under the circumstances… that they didn’t believe they owned an interest in the mortgage or deed of trust that they could release, despite what the land records (and bank successors) reflect. They didn’t deed the property back to the “owner” — what I suspect you’ll find is that they did this to help clear title. 

Reminder -- this event is this evening. Investors welcome.

Ask for an ALTA 34 endorsement covering the risk and guaranteeing the title insurer will re-insure a subsequent transfer. That’s a 45 year old issue which is not likely to resurface. Notice I didn’t say “will not”.

The judgment is against the prior owner (your seller/lender)? Ouch. If it hasn’t been paid or expired either wait or perhaps have the creditor record against other assets of your seller and release from the subject property.

Unless I read the facts wrong this sounds like a perfect example of one of the dangers of contract for deed/land installment contract.