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[+] NNBS/Anytime Services - Becky Cantrall/NC (1 reply)
4/14/2005 8:00:46 PM (2668 views)

[+] Anyone know about Stonewood Group? - SHARON YAHRAES/ID (4 replies)
4/14/2005 1:41:13 PM (2582 views)

[+] Mortgage Verification - Sue/PA (3 replies)
4/13/2005 12:03:36 PM (2314 views)

[-] SECURED TITLE - PAM DESMARAIS/NC (44 replies)
4/13/2005 9:47:00 AM (2740 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 10:34:03 AM (3259 views)
Re: SECURED TITLE - george Hubka/MI
4/13/2005 1:25:00 PM (3238 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 3:23:26 PM (3200 views)
Re: SECURED TITLE - Cathy Iffergan/TX
4/13/2005 10:16:54 PM (3115 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 5:37:14 AM (3194 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 12:06:30 PM (3168 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:31:54 PM (3342 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:08:27 PM (3198 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 1:50:30 PM (3278 views)
Re: SECURED TITLE - Barbara Bennett/IN
4/14/2005 5:18:01 PM (3255 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:37:40 PM (3113 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 7:29:28 PM (3260 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 8:15:17 PM (3177 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:04:33 PM (3088 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 6:54:15 AM (3284 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 (3148 views)
Re: SECURED TITLE - Robert Franco/OH
4/15/2005 8:50:55 PM (3069 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:56:59 AM (3112 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:50:31 AM (3242 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:09:52 AM (3120 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 8:33:40 AM (3317 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:24:25 PM (3151 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 12:28:21 PM (3221 views)
Re: SECURED TITLE - John PAxton/NC
4/15/2005 3:41:51 PM (3139 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/15/2005 4:20:06 PM (3130 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 10:53:18 PM (3068 views)
Re: SECURED TITLE - Shannon Blatt/VA
4/14/2005 8:02:09 PM (3122 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:07:38 PM (3126 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:32:34 PM (3052 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 7:55:29 AM (3113 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:15:12 AM (3197 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 9:17:15 AM (3075 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:21:40 PM (3123 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:24:55 PM (3116 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 2:38:47 PM (2914 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 6:09:55 PM (2948 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 8:24:35 PM (2986 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 11:05:41 PM (3019 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 12:41:23 PM (3039 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/16/2005 4:32:45 PM (3015 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 4:57:08 PM (2910 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:06:08 PM (3019 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/17/2005 11:01:18 PM (2808 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:03:59 PM (2995 views)

[+] more unlocked articles - Kim Haase/MT (5 replies)
4/12/2005 11:41:55 PM (2323 views)


Real Title Services


[+] Help for someone who wants to become a title abstractor - John Flanders/GA (5 replies)
4/11/2005 11:52:58 PM (2404 views)

[+] Cancellation policy... - Loretta Reed/MD (13 replies)
4/11/2005 7:31:15 PM (2465 views)

[+] CNBC Special on Real Estate Boom - Robert Franco/OH (5 replies)
4/11/2005 5:04:14 PM (2418 views)

Realty Track - Cathy Iffergan/TX
4/10/2005 8:03:57 PM (2002 views)

[+] Taking a Poll on Computerized Registries - Donna Grady/NC (39 replies)
4/9/2005 4:01:57 PM (2456 views)

[+] A technological solution - David Bloys/TX (9 replies)
4/9/2005 11:58:45 AM (2349 views)

[+] Negative ratings to slow pay-no pay companies - christine hughes/MA (15 replies)
4/8/2005 7:07:42 PM (2588 views)

[+] not paying? - tb/NJ (1 reply)
4/8/2005 6:53:33 PM (2379 views)

[+] Doc Hunters(FLA) good or bad?? - Gary Crump/TX (10 replies)
4/8/2005 4:04:45 PM (2722 views)

Team Title - John Sauers/NY
4/8/2005 2:38:30 PM (1930 views)


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