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[+] Need your opinion please. - Larry Crooks/OH (15 replies)
4/19/2005 4:50:48 PM (2317 views)

[+] Hey Shannon.... - Loretta Reed/MD (7 replies)
4/19/2005 1:48:33 PM (2387 views)

[+] Countywide Abstract, Inc. - J.T. Shoemaker/NY (1 reply)
4/19/2005 12:46:38 PM (3840 views)

[+] notary blacklist? - Kevin Ahern/CT (12 replies)
4/19/2005 6:21:17 AM (4428 views)

[+] Creating Business - Mark Sizemore/IN (5 replies)
4/18/2005 11:58:33 AM (2356 views)


Real Title Services


[+] Conference forum - Shannon Blatt/VA (1 reply)
4/17/2005 11:30:38 PM (2361 views)

[+] NNBS/Anytime Services - Becky Cantrall/NC (1 reply)
4/14/2005 8:00:46 PM (2581 views)

[+] Anyone know about Stonewood Group? - SHARON YAHRAES/ID (4 replies)
4/14/2005 1:41:13 PM (2461 views)

[+] Mortgage Verification - Sue/PA (3 replies)
4/13/2005 12:03:36 PM (2239 views)

[-] SECURED TITLE - PAM DESMARAIS/NC (44 replies)
4/13/2005 9:47:00 AM (2643 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 10:34:03 AM (3066 views)
Re: SECURED TITLE - george Hubka/MI
4/13/2005 1:25:00 PM (3024 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 3:23:26 PM (3000 views)
Re: SECURED TITLE - Cathy Iffergan/TX
4/13/2005 10:16:54 PM (2919 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 5:37:14 AM (2993 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 12:06:30 PM (2959 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:31:54 PM (3123 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:08:27 PM (2988 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 1:50:30 PM (3073 views)
Re: SECURED TITLE - Barbara Bennett/IN
4/14/2005 5:18:01 PM (3048 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:37:40 PM (2905 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 7:29:28 PM (3053 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 8:15:17 PM (2972 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:04:33 PM (2892 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 6:54:15 AM (3077 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 (2951 views)
Re: SECURED TITLE - Robert Franco/OH
4/15/2005 8:50:55 PM (2870 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:56:59 AM (2902 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:50:31 AM (3024 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:09:52 AM (2919 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 8:33:40 AM (3087 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:24:25 PM (2939 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 12:28:21 PM (3014 views)
Re: SECURED TITLE - John PAxton/NC
4/15/2005 3:41:51 PM (2923 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/15/2005 4:20:06 PM (2933 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 10:53:18 PM (2866 views)
Re: SECURED TITLE - Shannon Blatt/VA
4/14/2005 8:02:09 PM (2911 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:07:38 PM (2914 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:32:34 PM (2845 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 7:55:29 AM (2898 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:15:12 AM (2983 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 9:17:15 AM (2879 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:21:40 PM (2914 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:24:55 PM (2914 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 2:38:47 PM (2728 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 6:09:55 PM (2750 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 8:24:35 PM (2776 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 11:05:41 PM (2815 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 12:41:23 PM (2818 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/16/2005 4:32:45 PM (2809 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 4:57:08 PM (2731 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:06:08 PM (2808 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/17/2005 11:01:18 PM (2609 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:03:59 PM (2778 views)

[+] more unlocked articles - Kim Haase/MT (5 replies)
4/12/2005 11:41:55 PM (2229 views)

[+] Help for someone who wants to become a title abstractor - John Flanders/GA (5 replies)
4/11/2005 11:52:58 PM (2305 views)

[+] Cancellation policy... - Loretta Reed/MD (13 replies)
4/11/2005 7:31:15 PM (2371 views)

[+] CNBC Special on Real Estate Boom - Robert Franco/OH (5 replies)
4/11/2005 5:04:14 PM (2306 views)

Realty Track - Cathy Iffergan/TX
4/10/2005 8:03:57 PM (1939 views)


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