Street...Lane...Drive...Who Cares!?

By
Mortgage and Lending with Oak Valley Mortgage-California Home Loans and Refinancing

  

I had a loan recently that closed, but we ran into an issue with the property address. The preliminary title report reflected that the home was sitting on XYZ Lane. But, the County Records showed that the property was sitting on XYZ Drive. With that, the title company wanted to have the changes made to the loan documents in order to insure proper title to my new clients. Afterall, that is what the Title company does. They insure the buyer that she/he is getting what they think they are, without any discrepencies in the chain of Title and/or property issues. Well...the lender didn't care and the Title company did. The Title company wanted the docs to reflect the address shown through the county...On the flipside, I contacted my appraiser and he concluded that the prelim,FEMA map and everything else showed that the County records were wrong and the lender had it right...

To make a long story short, we worked our tails off to get the loan done and it came down to a Street...Lane....Drive and a bunch of people that said....Who Cares!

Well, I'm here to tell you that the Title Companies do!

We had to have docs redrawn to make the Title company happy and get the deal done...Who da thunk?

These are the little issues that deserve to have a great Mortgage Broker or Loan Officer that will take the time to work your loan through to the end to prevent fallout over such nuances!

Scott Gormley
Broker/Owner
Oak Valley Mortgage
2006 Chico Assoc. of Realtors Affiliate Chairman
Direct: 530.592.8362
Fax: 530.267.5555
Website: http://www.CALoan.com

Blog: http://carealestateblog.com

"You find the perfect home, we'll find the perfect loan!"

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Rainer
49,972
Jacob Morales - Arizona Mortgage Planner
US Bank - Scottsdale, AZ

Yah I had similar situation happen recently and it went the same way. Title companies have to do their due diligence to ensure that things are 100% accurate. Glad to see the deal funded for you, cause that is really all that matters :)

 

 

May 21, 2007 11:43 AM #1
Rainmaker
325,921
Esko Kiuru
Bethesda, MD

Scott,

These things appear minor, but 5 years from now they could balloon into a serious legal battle. No one wants that. Glad that you brought a detail like this up for everyone to see.

May 21, 2007 12:25 PM #2
Rainmaker
614,211
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS
Glad you succeeded with this one. You never know what the problems are going to be.
May 21, 2007 12:54 PM #3
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Rainer
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