Dry up until the shoe drops. Isn't BOA suing First American & Fiserv over the "quick close"; hey no need for a title; equity line fiasco.
Here's what I can see happening.
Joe Blow & wife take out a mortgage. She is subsequently placed under guardianship. They start a new refi & because he doesn't know anything about real estate law, she goes to the closing & signs documents. Then, unfortunately, the foreclosure starts & the bank whirls around ready to sue...who? No title examiner, no attorney with a bad title certification; no title insurance policy. Maybe they can sue the judges who don't do real estate work, but who think that this is a great deal for everyone involved.
I actually did a title for the above listed Joe Blow. His wife was under guardianship & she was signing all kinds of mortgages with fly by night lenders. Or how about the guy who put the house in his kindergartner's name to avoid creditors & then tried to record a deed back to himself, with him signing on behalf of his child, who was still in the Crayola stage. No need for a guardianship there or a license to sell - he literally signed his child's name to the deed. The notary caught it , of course.
to post a reply:
login - or -
register