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[+] Spanish Woman Claims She Now Owns Sun - Edouard LeLocle/SC (8 replies)
11/27/2010 8:15:17 PM (3546 views)

[+] So much to say, so little time - CHARLENE  PERRY/MD (5 replies)
11/24/2010 12:22:55 PM (3310 views)

[+] Lumar Document Retrieval - Deborah Manion/VA (1 reply)
11/23/2010 2:21:52 PM (3914 views)

[+] How far to go in explaining an order - Alix Ott/MI (10 replies)
11/22/2010 3:07:28 PM (3577 views)

[+] Abstractors A Go Go - Deborah Manion/VA (38 replies)
11/22/2010 2:29:54 PM (4675 views)




[+] Questions on copies - Dan Zook/NY (9 replies)
11/19/2010 4:34:55 PM (3539 views)

New FNMA Guidelines - Leigh Attridge/MA
11/19/2010 8:36:53 AM (4413 views)

Fiber optic outage... - Robert Franco/OH
11/18/2010 9:49:10 AM (3030 views)

[-] Non-Judicial Foreclosure Misposts - William Pattison /CA (6 replies)
11/16/2010 1:07:25 AM (3412 views)
Re: Non-Judicial Foreclosure Misposts - Slade Smith/OH
11/16/2010 1:33:26 PM (3615 views)
Re: Non-Judicial Foreclosure Misposts - William Pattison /CA
11/16/2010 3:38:55 PM (3607 views)
Re: Non-Judicial Foreclosure Misposts - Slade Smith/OH
11/16/2010 4:57:03 PM (3719 views)
Re: Non-Judicial Foreclosure Misposts - William Pattison /CA
11/17/2010 10:02:42 AM (3584 views)
Re: Non-Judicial Foreclosure Misposts - Slade Smith/OH
11/17/2010 11:46:35 AM (3675 views)
Re: Non-Judicial Foreclosure Misposts - William Pattison /CA
11/17/2010 2:37:01 PM (3688 views)

Your comparison is a bit of apples to oranges, but going with that analogy, research firms have miscellaneous professional liability insurance and claims are indeed made against them when missed records occur.  Sometimes it is not the lack of due diligence on the part of the abstractor, but a failure in the public records themselves.  Sometimes there is a reasonable expectation that a record should have been  located and it falls to their insurance to make matters right.

This then begs the question as to whether the foreclosure companies are insured to the same levels and being held to account on the same basis.  I'll admit that I'm unaware of such claims.  Furthermore, the scale of loss between an abstractor missing a mechanics lien versus a foreclosure mill kicking a family out of their home, is massively different in every dimension. 

I know that it is not unheard of that a title search claim can be very high, or that such failures can materially contribute to property loss, but this seems far less  frequent or likely than a foreclosure mill specializing in taking property.

I would also  note the important (qualitative) difference between researching public records as an abstractor in order to produce a report and recording matters of public notice on those records.  Clearly the onus is on the party submitting papers for recording to state things accurately and correctly and not to do so in a manner that creates a liability or encumbrance on wrong parties, wrong properties, or in erroneous ways.

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[+] NREIS - Richard Primmer/RI (1 reply)
11/15/2010 6:26:25 PM (3605 views)

[+] Taking Care of our Abstractors... - Jaime  Kosofsky/NC (1 reply)
11/13/2010 9:27:24 PM (3532 views)

Foreclosure fun in the Bay State - Deborah Manion/VA
11/12/2010 10:35:30 AM (4450 views)

[+] fee - iveta todora/VA (4 replies)
11/12/2010 10:26:58 AM (3502 views)

[+] Lenders Allies - Cherie Smurthwaite/CA (2 replies)
11/11/2010 7:53:46 PM (6067 views)

[+] DataChek - Kurt deVries/FL (5 replies)
11/10/2010 2:00:00 PM (3632 views)


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