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stories: SHORT SALE "OOPS" - DON'T MAKE THIS SAME MISTAKE - 05/03/07 10:54 AM
Short Sale
Milton, MA--Horst and Inger contracted to buy this duplex from Pete, a local developer. The closing would be handled by David, an attorney. With the closing date near David realized this would be a short sale: After paying off the existing first mortgage, remaining sale proceeds ($58,000) would be insufficient to pay the balance due on the second mortgage ($81,000). The holder of the second mortgage was a local bank. At Pete's suggestion David called the Senior Vice President of the bank, who told him the bank would release the mortgage without payment since Pete was a good "developer" … (0 comments)
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stories: THE POWER OF A POWER OF ATTORNEY - OUCH!! - 02/27/07 09:50 AM
Power of Attorney
McLean, VA--A power of attorney is a legal document by which a person ("the grantor") authorizes another (the "attorney-in-fact") to make decisions or contract for the grantor. This home in a suburb of Washington, D.C. was owned by a mother and daughter who were Korean citizens living in Japan. The home was occupied by Sung-Joon (also known as "Alex"), a son and brother of the owners. When Alex's business investments soured he arranged, through a mortgage broker, to borrow $40,000 secured by a third deed of trust against the home. Cloak of Authority --The title to this home … (2 comments)
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stories: RESPA - what is it!!! - 02/01/07 03:44 PM
Background and Selected Issues... Background And Selected Issues On HUD's RESPA Regulations
By Kenneth R. Jannen
Vice President and Senior Regional Counsel
First American Title Insurance Company
The Department of Housing and Urban Development has promulgated regulations implementing the Real Estate Settlement Procedures Act (RESPA) 12 U.S.C. 2601 et seq. which applies to settlement services provided in transactions involving federally related mortgage loans secured by one to four family residential property, including refinancings, assumptions (if the lender's approval is required and obtained) and subordinate financing. The regulations, known as Regulation X, appear at 24 C.F.R. Part 3500 et seq.
The regulations contain exemptions for transactions involving:
agricultural … (2 comments)
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stories: CLAIM STORY - DEAR JOHN - 02/01/07 12:26 PM
Dear John
Dunlap, IL--Returning home from work one day John found this note tacked to the door: "John, sold the place. I filed for divorce. The marriage is over. You have 30 days to get out! Good Bye, Jan." He didn't know where she'd gone, and after a few weeks he forgot about the note. Then one day while napping on the couch John was awakened by voices. There in his living room were Mr. & Mrs. Schaer, who claimed to be new owners of his home. Self Help--She wanted a divorce, without the hassle.
When John objected to them moving … (1 comments)
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Keith Jarrett
Grand Rapids,
MI
More about me…
LandAmerica/Lawyers Title Co.
Office Phone: (616) 977-2400 x 29
Cell Phone: (616) 826-2509
Email Me
title insurance information and questions asked here
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