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[+] Countywide Abstract, Inc. - J.T. Shoemaker/NY (1 reply)
4/19/2005 12:46:38 PM (4038 views)

[+] notary blacklist? - Kevin Ahern/CT (12 replies)
4/19/2005 6:21:17 AM (4605 views)

[+] Creating Business - Mark Sizemore/IN (5 replies)
4/18/2005 11:58:33 AM (2537 views)

[+] Conference forum - Shannon Blatt/VA (1 reply)
4/17/2005 11:30:38 PM (2562 views)

[+] NNBS/Anytime Services - Becky Cantrall/NC (1 reply)
4/14/2005 8:00:46 PM (2768 views)




[+] Anyone know about Stonewood Group? - SHARON YAHRAES/ID (4 replies)
4/14/2005 1:41:13 PM (2675 views)

[+] Mortgage Verification - Sue/PA (3 replies)
4/13/2005 12:03:36 PM (2398 views)

[-] SECURED TITLE - PAM DESMARAIS/NC (44 replies)
4/13/2005 9:47:00 AM (2847 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 10:34:03 AM (3585 views)
Re: SECURED TITLE - george Hubka/MI
4/13/2005 1:25:00 PM (3557 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 3:23:26 PM (3484 views)
Re: SECURED TITLE - Cathy Iffergan/TX
4/13/2005 10:16:54 PM (3436 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 5:37:14 AM (3498 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 12:06:30 PM (3471 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:31:54 PM (3641 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:08:27 PM (3548 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 1:50:30 PM (3589 views)
Re: SECURED TITLE - Barbara Bennett/IN
4/14/2005 5:18:01 PM (3560 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:37:40 PM (3426 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 7:29:28 PM (3582 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 8:15:17 PM (3497 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:04:33 PM (3409 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 6:54:15 AM (3626 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 (3461 views)
Re: SECURED TITLE - Robert Franco/OH
4/15/2005 8:50:55 PM (3387 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:56:59 AM (3432 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:50:31 AM (3560 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:09:52 AM (3435 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 8:33:40 AM (3636 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:24:25 PM (3466 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 12:28:21 PM (3533 views)
Re: SECURED TITLE - John PAxton/NC
4/15/2005 3:41:51 PM (3440 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/15/2005 4:20:06 PM (3452 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 10:53:18 PM (3388 views)
Re: SECURED TITLE - Shannon Blatt/VA
4/14/2005 8:02:09 PM (3445 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:07:38 PM (3450 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:32:34 PM (3364 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 7:55:29 AM (3438 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:15:12 AM (3523 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 9:17:15 AM (3411 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:21:40 PM (3432 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:24:55 PM (3428 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 2:38:47 PM (3232 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 6:09:55 PM (3252 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 8:24:35 PM (3301 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 11:05:41 PM (3337 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 12:41:23 PM (3345 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/16/2005 4:32:45 PM (3323 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 4:57:08 PM (3209 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:06:08 PM (3334 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/17/2005 11:01:18 PM (3121 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:03:59 PM (3313 views)

[+] more unlocked articles - Kim Haase/MT (5 replies)
4/12/2005 11:41:55 PM (2422 views)

[+] Help for someone who wants to become a title abstractor - John Flanders/GA (5 replies)
4/11/2005 11:52:58 PM (2526 views)

[+] Cancellation policy... - Loretta Reed/MD (13 replies)
4/11/2005 7:31:15 PM (2563 views)

[+] CNBC Special on Real Estate Boom - Robert Franco/OH (5 replies)
4/11/2005 5:04:14 PM (2529 views)

Realty Track - Cathy Iffergan/TX
4/10/2005 8:03:57 PM (2107 views)

[+] Taking a Poll on Computerized Registries - Donna Grady/NC (39 replies)
4/9/2005 4:01:57 PM (2573 views)

[+] A technological solution - David Bloys/TX (9 replies)
4/9/2005 11:58:45 AM (2440 views)


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