I think we're all working a lot harder for our money than we used to. Where are the "normal" closings? What happened to them? Seems like what we have now are a lot of REO (Foreclosure) closings, RELO (Relocation) closings, Short Sales (does anyone ever call you back)?? The short sales are a whole other blog, but don't forget about these fly by night title companies doing their closings, then going out of business a few years later.  Or even very reputable companies, going out of business a few years later for various economic reasons.

Now a simple Refinance may show numerous mortgages still of record, that were probably paid off years ago, but never released of record.

So, what to do? ok, we'll go back to the former title company to try to get a copy of the title insurance policy they issued, a signed HUD, a pay-off letter, a copy of pay-off check, etc. Oh, but wait -- that company is no longer around. OK, well, I'll try to contact the former bank to try to get confirmation that they were paid off, and my goal is to ultimately get them to issue a Release Deed.

But -- guess what, they're no longer around, they sold the "paper" (loan docs) to another bank.

Ok, I'll contact them, But -- guess what, they're no longer around, they sold the "paper" to another bank.

This goes on all the time. If insuring the title, you have to do all of this to insure the closing/property sale, so what may appear simple (like a Refinance), may be very complicated. Make sure your customers keep good records when paying off their loans. Make sure they follow up with the company they paid off to get that ever needed "Release Deed."

It may literally save their life one day!!