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[+] NALTEA Annual Conference 2005 - Natl Assoc of Land Title Examiners and Abstractors/MO (17 replies)
4/20/2005 9:13:09 AM (3665 views)

abstracting program - Annette Dorty/PA
4/19/2005 9:48:14 PM (2006 views)

[+] Rich's surgery - monica froese/ME (7 replies)
4/19/2005 7:06:15 PM (2220 views)

[+] Need your opinion please. - Larry Crooks/OH (15 replies)
4/19/2005 4:50:48 PM (2338 views)

[+] Hey Shannon.... - Loretta Reed/MD (7 replies)
4/19/2005 1:48:33 PM (2394 views)


Real Title Services


[+] Countywide Abstract, Inc. - J.T. Shoemaker/NY (1 reply)
4/19/2005 12:46:38 PM (3851 views)

[+] notary blacklist? - Kevin Ahern/CT (12 replies)
4/19/2005 6:21:17 AM (4432 views)

[+] Creating Business - Mark Sizemore/IN (5 replies)
4/18/2005 11:58:33 AM (2361 views)

[+] Conference forum - Shannon Blatt/VA (1 reply)
4/17/2005 11:30:38 PM (2374 views)

[+] NNBS/Anytime Services - Becky Cantrall/NC (1 reply)
4/14/2005 8:00:46 PM (2587 views)

[+] Anyone know about Stonewood Group? - SHARON YAHRAES/ID (4 replies)
4/14/2005 1:41:13 PM (2470 views)

[+] Mortgage Verification - Sue/PA (3 replies)
4/13/2005 12:03:36 PM (2251 views)

[-] SECURED TITLE - PAM DESMARAIS/NC (44 replies)
4/13/2005 9:47:00 AM (2650 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 10:34:03 AM (3081 views)
Re: SECURED TITLE - george Hubka/MI
4/13/2005 1:25:00 PM (3035 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 3:23:26 PM (3011 views)
Re: SECURED TITLE - Cathy Iffergan/TX
4/13/2005 10:16:54 PM (2927 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 5:37:14 AM (3007 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 12:06:30 PM (2970 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:31:54 PM (3139 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:08:27 PM (2999 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 1:50:30 PM (3088 views)
Re: SECURED TITLE - Barbara Bennett/IN
4/14/2005 5:18:01 PM (3066 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:37:40 PM (2920 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 7:29:28 PM (3064 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 8:15:17 PM (2984 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:04:33 PM (2900 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 6:54:15 AM (3093 views)

You really should have read my posting a little more carefully before attempting to pontificate and speak Ex Cathedra on the subject. You may also wish to consider a remedial reading course. You have misquoted me.

In your earlier post you limited your comments to the impact of an abstractor's late recording of a mortgage and your perception of additional expenses to the law firm arising therefrom. That is the posting to which I responded. If I recall you said nothing about failure to follow closing instructions and insuring title.

Connecicut is a race state also, and I fully understand the
 implications of an intervening lien being recorded with respect to the priority of the mortgage.

In your earlier post you indicated that a late recording may result in the redrafting of the mortgage and some imagined extra expense to the law firm for having to close the loan a second time. Let me try to get through to you again in terms that you may more readily understand... THERE IS NO SUCH EXPENSE NECESSITATED BY A SECOND CLOSING BECAUSE THERE IS NO NEED FOR A SECOND CLOSING. Can I make it any more clear?

The loan has been closed. The loan and mortgage are binding as the the Mortgagor and the Mortgagee. The recording of the mortgage perfects the security interest, and protects the lender's priority for a future foreclosure. It serves as notice to future third party lien holder's that the lender is prior in claim to their respective liens.

If you read my earlier posting, I said that an intervening lien is a problem, and that law firms in this area do not record the mortgage in that circumstance. IT DOES NOT REQUIRE A SECOND CLOSING. It creates a problem with the lender's priority of claim when the lender tries to perfect the security interest. If there are intervening liens the borrower has either misrepresented something on his loan application or has incurred an additional financial obligation (such as a mechanic's lien for work done on the property) while the mortgage application was pending. In this instance the lender will require the borrower to have the intervening liens released, and if they are not released accelerate the mortgage, demand payment and foreclose. The lender has two options. It can record the mortgage behind the intervening liens, pay the liens off to protect their position, foreclose, and seek the expenses as part of their foreclosure action. Mortgages routinely contain a clauses that allows them to do this. The other option that a lender can choose is not to record the mortgage and sue on the promissory note for money damages.

In so far as title insurance is concerned, the title insurance carriers protect themselves through an affidavit at closing indicating that the borrower has done nothing to encumber the title since the title search. Otherwise the intervening lien is an exclusion from coverage.

Now is there anything else on which you are confused?

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Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 8:18:35 PM (2966 views)
Re: SECURED TITLE - Robert Franco/OH
4/15/2005 8:50:55 PM (2879 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:56:59 AM (2911 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:50:31 AM (3038 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:09:52 AM (2931 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 8:33:40 AM (3103 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:24:25 PM (2955 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 12:28:21 PM (3027 views)
Re: SECURED TITLE - John PAxton/NC
4/15/2005 3:41:51 PM (2941 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/15/2005 4:20:06 PM (2948 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 10:53:18 PM (2880 views)
Re: SECURED TITLE - Shannon Blatt/VA
4/14/2005 8:02:09 PM (2923 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:07:38 PM (2927 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:32:34 PM (2856 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 7:55:29 AM (2911 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:15:12 AM (2996 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 9:17:15 AM (2894 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:21:40 PM (2930 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:24:55 PM (2925 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 2:38:47 PM (2733 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 6:09:55 PM (2764 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 8:24:35 PM (2789 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 11:05:41 PM (2826 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 12:41:23 PM (2837 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/16/2005 4:32:45 PM (2822 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 4:57:08 PM (2735 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:06:08 PM (2823 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/17/2005 11:01:18 PM (2612 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:03:59 PM (2793 views)

[+] more unlocked articles - Kim Haase/MT (5 replies)
4/12/2005 11:41:55 PM (2235 views)

[+] Help for someone who wants to become a title abstractor - John Flanders/GA (5 replies)
4/11/2005 11:52:58 PM (2311 views)


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