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[+] Mortgage Verification - Sue/PA (3 replies)
4/13/2005 12:03:36 PM (2185 views)

[-] SECURED TITLE - PAM DESMARAIS/NC (44 replies)
4/13/2005 9:47:00 AM (2570 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 10:34:03 AM (2821 views)
Re: SECURED TITLE - george Hubka/MI
4/13/2005 1:25:00 PM (2718 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 3:23:26 PM (2720 views)
Re: SECURED TITLE - Cathy Iffergan/TX
4/13/2005 10:16:54 PM (2680 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 5:37:14 AM (2756 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 12:06:30 PM (2655 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:31:54 PM (2819 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:08:27 PM (2686 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 1:50:30 PM (2751 views)
Re: SECURED TITLE - Barbara Bennett/IN
4/14/2005 5:18:01 PM (2743 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:37:40 PM (2601 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 7:29:28 PM (2745 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 8:15:17 PM (2677 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:04:33 PM (2665 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 6:54:15 AM (2765 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 (2655 views)
Re: SECURED TITLE - Robert Franco/OH
4/15/2005 8:50:55 PM (2573 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:56:59 AM (2609 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:50:31 AM (2703 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:09:52 AM (2604 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 8:33:40 AM (2774 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:24:25 PM (2632 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 12:28:21 PM (2696 views)
Re: SECURED TITLE - John PAxton/NC
4/15/2005 3:41:51 PM (2608 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/15/2005 4:20:06 PM (2632 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 10:53:18 PM (2580 views)
Re: SECURED TITLE - Shannon Blatt/VA
4/14/2005 8:02:09 PM (2607 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:07:38 PM (2619 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:32:34 PM (2580 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 7:55:29 AM (2602 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:15:12 AM (2687 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 9:17:15 AM (2566 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:21:40 PM (2613 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:24:55 PM (2614 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 2:38:47 PM (2516 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 6:09:55 PM (2498 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 8:24:35 PM (2465 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 11:05:41 PM (2518 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 12:41:23 PM (2507 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/16/2005 4:32:45 PM (2514 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 4:57:08 PM (2501 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:06:08 PM (2518 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/17/2005 11:01:18 PM (2400 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:03:59 PM (2474 views)

[+] more unlocked articles - Kim Haase/MT (5 replies)
4/12/2005 11:41:55 PM (2160 views)

[+] Help for someone who wants to become a title abstractor - John Flanders/GA (5 replies)
4/11/2005 11:52:58 PM (2233 views)

[+] Cancellation policy... - Loretta Reed/MD (13 replies)
4/11/2005 7:31:15 PM (2296 views)




[+] CNBC Special on Real Estate Boom - Robert Franco/OH (5 replies)
4/11/2005 5:04:14 PM (2238 views)

Realty Track - Cathy Iffergan/TX
4/10/2005 8:03:57 PM (1881 views)

[+] Taking a Poll on Computerized Registries - Donna Grady/NC (39 replies)
4/9/2005 4:01:57 PM (2308 views)

[+] A technological solution - David Bloys/TX (9 replies)
4/9/2005 11:58:45 AM (2217 views)

[+] Negative ratings to slow pay-no pay companies - christine hughes/MA (15 replies)
4/8/2005 7:07:42 PM (2434 views)

[+] not paying? - tb/NJ (1 reply)
4/8/2005 6:53:33 PM (2251 views)

[+] Doc Hunters(FLA) good or bad?? - Gary Crump/TX (10 replies)
4/8/2005 4:04:45 PM (2561 views)

Team Title - John Sauers/NY
4/8/2005 2:38:30 PM (1833 views)

[+] No one answered my question... - Judy Nisonger/CA (8 replies)
4/7/2005 12:12:49 PM (2262 views)

[+] Members of NALTEA/ALTA/SOT and Can Do Online Searches? - Lisa Ramsey/TX (45 replies)
4/7/2005 11:12:19 AM (2420 views)


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