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[+] Mortgage Verification - Sue/PA (3 replies)
4/13/2005 12:03:36 PM (2270 views)

[-] SECURED TITLE - PAM DESMARAIS/NC (44 replies)
4/13/2005 9:47:00 AM (2685 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 10:34:03 AM (3153 views)
Re: SECURED TITLE - george Hubka/MI
4/13/2005 1:25:00 PM (3120 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 3:23:26 PM (3089 views)
Re: SECURED TITLE - Cathy Iffergan/TX
4/13/2005 10:16:54 PM (3001 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 5:37:14 AM (3081 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 12:06:30 PM (3051 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:31:54 PM (3224 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:08:27 PM (3078 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 1:50:30 PM (3167 views)
Re: SECURED TITLE - Barbara Bennett/IN
4/14/2005 5:18:01 PM (3141 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:37:40 PM (2998 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 7:29:28 PM (3150 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 8:15:17 PM (3065 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:04:33 PM (2977 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 6:54:15 AM (3171 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 (3044 views)
Re: SECURED TITLE - Robert Franco/OH
4/15/2005 8:50:55 PM (2958 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:56:59 AM (2998 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:50:31 AM (3126 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:09:52 AM (3009 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 8:33:40 AM (3188 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:24:25 PM (3039 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 12:28:21 PM (3108 views)
Re: SECURED TITLE - John PAxton/NC
4/15/2005 3:41:51 PM (3023 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/15/2005 4:20:06 PM (3024 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 10:53:18 PM (2959 views)
Re: SECURED TITLE - Shannon Blatt/VA
4/14/2005 8:02:09 PM (3007 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:07:38 PM (3005 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:32:34 PM (2940 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 7:55:29 AM (2996 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:15:12 AM (3078 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 9:17:15 AM (2967 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:21:40 PM (3014 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:24:55 PM (3006 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 2:38:47 PM (2800 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 6:09:55 PM (2837 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 8:24:35 PM (2874 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 11:05:41 PM (2907 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 12:41:23 PM (2922 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/16/2005 4:32:45 PM (2906 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 4:57:08 PM (2799 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:06:08 PM (2903 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/17/2005 11:01:18 PM (2671 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:03:59 PM (2875 views)

[+] more unlocked articles - Kim Haase/MT (5 replies)
4/12/2005 11:41:55 PM (2264 views)

[+] Help for someone who wants to become a title abstractor - John Flanders/GA (5 replies)
4/11/2005 11:52:58 PM (2344 views)

[+] Cancellation policy... - Loretta Reed/MD (13 replies)
4/11/2005 7:31:15 PM (2413 views)


Real Title Services


[+] CNBC Special on Real Estate Boom - Robert Franco/OH (5 replies)
4/11/2005 5:04:14 PM (2359 views)

Realty Track - Cathy Iffergan/TX
4/10/2005 8:03:57 PM (1972 views)

[+] Taking a Poll on Computerized Registries - Donna Grady/NC (39 replies)
4/9/2005 4:01:57 PM (2415 views)

[+] A technological solution - David Bloys/TX (9 replies)
4/9/2005 11:58:45 AM (2307 views)

[+] Negative ratings to slow pay-no pay companies - christine hughes/MA (15 replies)
4/8/2005 7:07:42 PM (2548 views)

[+] not paying? - tb/NJ (1 reply)
4/8/2005 6:53:33 PM (2340 views)

[+] Doc Hunters(FLA) good or bad?? - Gary Crump/TX (10 replies)
4/8/2005 4:04:45 PM (2666 views)

Team Title - John Sauers/NY
4/8/2005 2:38:30 PM (1901 views)

[+] No one answered my question... - Judy Nisonger/CA (8 replies)
4/7/2005 12:12:49 PM (2400 views)

[+] Members of NALTEA/ALTA/SOT and Can Do Online Searches? - Lisa Ramsey/TX (45 replies)
4/7/2005 11:12:19 AM (2552 views)


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