Register
Log In
Forget your Password?

Home
Directory
Bulletins
Forums
Blogs
Articles
Links
Classifieds
About Us
Contact Us
Advertise
FAQ
Privacy Policy


Discussion
<< get older messagesget newer messages >>
to post a message: login - or - register | search messages | show all replies



[+] Mortgage Verification - Sue/PA (3 replies)
4/13/2005 12:03:36 PM (2371 views)

[-] SECURED TITLE - PAM DESMARAIS/NC (44 replies)
4/13/2005 9:47:00 AM (2809 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 10:34:03 AM (3468 views)
Re: SECURED TITLE - george Hubka/MI
4/13/2005 1:25:00 PM (3443 views)
Re: SECURED TITLE - Lisa Ramsey/TX
4/13/2005 3:23:26 PM (3381 views)
Re: SECURED TITLE - Cathy Iffergan/TX
4/13/2005 10:16:54 PM (3323 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 5:37:14 AM (3383 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 12:06:30 PM (3362 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:31:54 PM (3536 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:08:27 PM (3425 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 1:50:30 PM (3480 views)
Re: SECURED TITLE - Barbara Bennett/IN
4/14/2005 5:18:01 PM (3446 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:37:40 PM (3319 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 7:29:28 PM (3471 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 8:15:17 PM (3395 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:04:33 PM (3299 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 6:54:15 AM (3500 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?

to post a reply: login - or - register


Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 8:18:35 PM (3353 views)
Re: SECURED TITLE - Robert Franco/OH
4/15/2005 8:50:55 PM (3278 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:56:59 AM (3324 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/16/2005 7:50:31 AM (3438 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:09:52 AM (3320 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/15/2005 8:33:40 AM (3537 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:24:25 PM (3358 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 12:28:21 PM (3417 views)
Re: SECURED TITLE - John PAxton/NC
4/15/2005 3:41:51 PM (3332 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/15/2005 4:20:06 PM (3340 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 10:53:18 PM (3278 views)
Re: SECURED TITLE - Shannon Blatt/VA
4/14/2005 8:02:09 PM (3328 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/14/2005 10:07:38 PM (3336 views)
Re: SECURED TITLE - PAM DESMARAIS/NC
4/14/2005 11:32:34 PM (3259 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 7:55:29 AM (3316 views)
Re: SECURED TITLE - george Hubka/MI
4/15/2005 8:15:12 AM (3412 views)
Re: SECURED TITLE - David Bloys/TX
4/15/2005 9:17:15 AM (3295 views)
Re: SECURED TITLE - Donna Grady/NC
4/14/2005 12:21:40 PM (3328 views)
Re: SECURED TITLE - george Hubka/MI
4/14/2005 1:24:55 PM (3315 views)
Re: SECURED TITLE - Kevin Ahern/CT
4/14/2005 2:38:47 PM (3120 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 6:09:55 PM (3145 views)
Re: SECURED TITLE - Unida ukinclue/NC
4/15/2005 8:24:35 PM (3191 views)
Re: SECURED TITLE - Douglas Gallant/OH
4/15/2005 11:05:41 PM (3225 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 12:41:23 PM (3237 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/16/2005 4:32:45 PM (3213 views)
Re: SECURED TITLE...putting my 2 cents worth in - Loretta Reed/MD
4/16/2005 4:57:08 PM (3105 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:06:08 PM (3225 views)
Re: SECURED TITLE...putting my 2 cents worth in - Shannon Blatt/VA
4/17/2005 11:01:18 PM (3011 views)
Re: SECURED TITLE...putting my 2 cents worth in - Lisa Ramsey/TX
4/16/2005 5:03:59 PM (3198 views)

[+] more unlocked articles - Kim Haase/MT (5 replies)
4/12/2005 11:41:55 PM (2401 views)

[+] Help for someone who wants to become a title abstractor - John Flanders/GA (5 replies)
4/11/2005 11:52:58 PM (2494 views)

[+] Cancellation policy... - Loretta Reed/MD (13 replies)
4/11/2005 7:31:15 PM (2539 views)




[+] CNBC Special on Real Estate Boom - Robert Franco/OH (5 replies)
4/11/2005 5:04:14 PM (2497 views)

Realty Track - Cathy Iffergan/TX
4/10/2005 8:03:57 PM (2065 views)

[+] Taking a Poll on Computerized Registries - Donna Grady/NC (39 replies)
4/9/2005 4:01:57 PM (2547 views)

[+] A technological solution - David Bloys/TX (9 replies)
4/9/2005 11:58:45 AM (2421 views)

[+] Negative ratings to slow pay-no pay companies - christine hughes/MA (15 replies)
4/8/2005 7:07:42 PM (2679 views)

[+] not paying? - tb/NJ (1 reply)
4/8/2005 6:53:33 PM (2468 views)

[+] Doc Hunters(FLA) good or bad?? - Gary Crump/TX (10 replies)
4/8/2005 4:04:45 PM (2807 views)

Team Title - John Sauers/NY
4/8/2005 2:38:30 PM (1998 views)

[+] No one answered my question... - Judy Nisonger/CA (8 replies)
4/7/2005 12:12:49 PM (2535 views)

[+] Members of NALTEA/ALTA/SOT and Can Do Online Searches? - Lisa Ramsey/TX (45 replies)
4/7/2005 11:12:19 AM (2712 views)


<< get older messagesget newer messages >>

DISCLAIMER: These Message Forums are un-moderated and Source of Title does not endorse the content of any of the posts. Source of Title discourages libelous comments and you, as the sole creator of the content, take full responsibility for your remarks.
Directory

The Source of Title Business directory has 8973 listed companies.

Leave feedback on a company:
SOT ID #:  learn more...
DRN Title Search
Blogs

Read other users' blogs-- or start your own!

Most Recent Blog Posts:

What Is Title Insurance & Benefits
Michael Stelzer's Blog
2026/03/14
0 comments

The Source of Title - Part I: Freedom Written, Freedom Insured
Ben DuBay's Blog
2026/02/15
0 comments

Shared Driveway Agreements
Marissa Berends's Blog
2025/12/10
0 comments

Articles

Source of Title articles help to keep you informed on the state of the title industry.

Q1 GDP Commentary from MBA's Mike Fratantoni
“Inflation jumped higher during the quarter, with the PCE index increasing at a 4.5 percent annualized rate, up fr...
MBA Annual Report Finds Total Commercial Real Estate Borrowing and Lending Increased 40 Percent in 2025
“As capital markets conditions stabilized in 2025, there was a meaningful rebound in commercial real estate lendin...
Mortgage Applications Decrease in Latest MBA Weekly Survey
“Mortgage rates increased slightly last week, with the 30-year fixed rate rising to 6.37 percent. The increase in ...
First American Title Introduces AgentNet® Assist: Title Intelligence, an AI-Powered Document Analysis Capability
“This AI-assisted capability streamlines repetitive, time-intensive tasks, helping reduce processing time by as mu...
Home Building Shows Signs of Stabilization with Monthly Gain in Starts
“Housing starts posted a solid rebound in March, suggesting builders are responding to pockets of improving demand...

Search Articles:
browse...

Classifieds

Buy, sell, or trade! Browse the ads or post your own!

© 2020, Source of Title.