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When you are buying a home and get to the closing table you will learn about two types of title insurance: owner’s title insurance, called an Owner’s Policy and lender’s title insurance, called a Lender’s Policy or Loan Policy. Know the difference between the two and which policy will protect you.
FORECLOSURE, LOSS, AND THE PROPER DISTRIBUTION OF INSURANCE PROCEEDS UNDER OPEN AND STANDARD MORTGAGE CLAUSES: SOME OBSERVATIONS INTRODUCTION The mortgage clause is a provision in the mortgagor’s property insurance policy that is designed to protect the mortgagee against loss from causes covered by the policy. Basically there are two cate-
After all, it will remove a significant financial burden from your shoulders and force your mortgage lender to take responsibility for your home. If you wish to fight your foreclosure proceedings, you’ll need to "reaffirm" your mortgage. This will require you to pay off the loan’s delinquent balance and remain current on its monthly payments for the foreseeable future. Naturally, this will require you to make homeowner’s insurance payments as well.
If by the time of the foreclosure, the borrower had paid down its loan to $60 million and the property value has appreciated to $125 million, the Lender’s Title Policy would insure the lender for up to $60 million (the lesser of the policy limits and loan balance). In 2008, a $30 million title issue is discovered.
Servicers who are found to have acted fraudulently may be subject to sanctions, legal costs and dismissal of pending foreclosures. Reopened foreclosures will also impact title insurers. Listen as our authoritative panel explains steps servicers should take to reduce their exposure to lender liability claims for wrongful foreclosure.
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Freddie extends mortgage forbearance for unemployed The White House forbearance program that was announced includes the following points: fannie mae and Freddie Mac loans: These loans cover about 50% of the mortgage market. The forbearance for unemployed will increase from 3 months to 12 months.FBI Mortgage Fraud Investigations Jump 400% in Five Years The U.S. Justice Department’s three-month crackdown on mortgage fraud has netted the government $147 million in recovered funds – just a small dent in the total nationwide criminal scams so far totaling .3 billion. Since March, when ‘Operation Stolen Dreams’ began, the Feds have gone after 1,215.