I just got this blockbuster update from my buddy; Scott “Spidey” Smith. Hopefully you saw my recent video blog post where I talked about the extreme difficulty of selling houses. Now hold on…we’re getting buyers, and contrary to what the news reports, those buyers are getting financed, but the lenders and title co’s are making us (the Seller) jump through a Ba-Zillion (that’s a lot) hoops.
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Always on the bleeding edge, I give you the following article from The New York Times by David Streifeld, entitled “Company Stops Insuring Titles in Chase Foreclosures.” And as you read it (you damn site better read this one) ask yourself, how soon until all title co’s stop insuring any foreclosures until these lenders can prove that they followed the letter of the law in all 2 million foreclosures (thus far).
Find out what bank you’re buying your next REO from, and make sure they are not on the “shit list!” And Realtors – you better be careful too.
Interesting Flip Tip: There are a ton of title companies out there. Hell, there must be several hundred in my little state of Maryland, alone. But did you know that each title company writes policies for only a VERY small handful of TITLE INSURERS? The title companies are basically insurance brokers who in most cases write exclusively for one title insurer. A list of the top-5 is above. Given the new above – you BETTER know who your title co is writing for.
Here’s another related CNBC article on what the media is referring to as RoboSigning Scandal.
Here’s a bunch of articles on RoboSigning and how its affecting foreclosures
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