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  1.    #1  
    I've never heard of title insurance for your home before.

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  2. #2  
    Have you ever taken out a mortgage and bought a home? If so, you've bought title insurance, because no one will write a mortgage without it.
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  3.    #3  
    Quote Originally Posted by meyerweb View Post
    Have you ever taken out a mortgage and bought a home? If so, you've bought title insurance, because no one will write a mortgage without it.
    I bought a house and got a VA loan. I hired an attorney for the signing. I remember I had to buy a stamp from the village declaring there were no liens against the house. I don't remember buying title insurance, but I suppose I could have.

    Any idea why this is happening to this couple?
    Last edited by palandri; 08/31/2009 at 08:23 AM.
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  4. #4  
    Quote Originally Posted by palandri View Post
    I've never heard of title insurance for your home before.

    Not a mortgage expert, but as the other post said, title insurance is pretty much required to protect agains this type of thing. Someone (attorney handling the closing?)dropped the ball when they did the initial title search on this house and should have uncovered this issue. But it is my understanding that is the purpose of having the title insurance in place.

    While it would freak anyone out to get the letter the couple on the video got, I think when it is all said and done they won't lose their house. I'm sure we've got some realtor or real estate attorney hanging around here that could confirm this. I would not think this is something that happens all that often.

    I'm sure once it is looked into, it is probably Bush's fault.
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  5. groovy's Avatar
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    #5  
    I didn't catch the end of the story but it sounds like Chicago Title screwed up. They're supposed to do the title search for the property and insure that it's free of liens or other financial obligations. I think the lesson here is probably that, while the title insurance company will pay out eventually, they're not going to bend over backwards to do their job.
  6.    #6  
    Quote Originally Posted by groovy View Post
    I didn't catch the end of the story but it sounds like Chicago Title screwed up. They're supposed to do the title search for the property and insure that it's free of liens or other financial obligations. I think the lesson here is probably that, while the title insurance company will pay out eventually, they're not going to bend over backwards to do their job.
    That seems to make the most sense. I am pretty sure I was at a suburban Chicago Title office when I bought/closed on my house.
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  7. Micael's Avatar
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    #7  
    Quote Originally Posted by palandri View Post
    That seems to make the most sense. I am pretty sure I was at a suburban Chicago Title office when I bought/closed on my house.
    I thought it was required by law to do a title search and buy the insurance. I think it may be in some states. Texas, for instance.
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  8. KAM1138
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    #8  
    Hello Everyone,

    Title Insurance is one of the biggest scams out there. It's just one of the many ways that a home-buyer gets screwed--typically for thousands of dollars in fees.

    KAM
  9. #9  
    Quote Originally Posted by Micael View Post
    I thought it was required by law to do a title search and buy the insurance. I think it may be in some states. Texas, for instance.
    Title insurance isn't required by law - it's required by the lender. All title companies usually do is (1) determine who has recorded claims to property; (2) prepare the docs to transfer the property from the seller to the buyer; and (3) conduct the closing by getting all transfer docs signed/recorded and receiving/disbursing sales proceeds.
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  10. Habious's Avatar
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    #10  
    This is what the 2nd Amendment is for.

    You want to just take my home? Try it.

    The fact that someone else owes you money is not my problem.
  11.    #11  
    Quote Originally Posted by heberman View Post
    Title insurance isn't required by law - it's required by the lender. All title companies usually do is (1) determine who has recorded claims to property; (2) prepare the docs to transfer the property from the seller to the buyer; and (3) conduct the closing by getting all transfer docs signed/recorded and receiving/disbursing sales proceeds.
    heberman, you seem to have some knowledge of real property. So do you think Chicago Title is at fault here? or the attorney who filed the law suit against the home owners?
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