If you’re going to buy a home in Hawaii then you will need to determine whether any person other than the seller has any right, lien, claim or encumbrance on that property so that you can be sure you are buying the home free and clear. This is where a Title Company comes in.
A Title Company will do extensive research through public records and provide a report. At this point Title insurance can be issued which will eliminate risks and prevent losses that can occur when a title is defective.
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Katie Minkus, R(BIC)
October 23, 2009
Aloha, Justin. I got this email from a Hawaii Life colleague, earlier today:
“Barbara Welsh of APEX Mortgage let us all know at caravan that B of A has been selling mortgages. She was just five days from closing on a short sale. The negotiator for B of A signed off and another dept at B of A went and sold the mortgage. Title happened to catch it and the deal was off because the new mortgage holder would not honor the agreement. According to Barbara the bank must give 60 days notice that the mortgage is being sold so she now asks the sellers whether they are paying the mortgage or not to copy her on all correspondence. Also best to have title run multiple searches along the way.”
Apparently, Title Companies are more important than ever in today’s market brimming with foreclosures, REOs and short sales.
Katie Minkus, R(BIC)
October 23, 2009
Aloha, Justin. I got this email from a Hawaii Life colleague, earlier today:
“Barbara Welsh of APEX Mortgage let us all know at caravan that B of A has been selling mortgages. She was just five days from closing on a short sale. The negotiator for B of A signed off and another dept at B of A went and sold the mortgage. Title happened to catch it and the deal was off because the new mortgage holder would not honor the agreement. According to Barbara the bank must give 60 days notice that the mortgage is being sold so she now asks the sellers whether they are paying the mortgage or not to copy her on all correspondence. Also best to have title run multiple searches along the way.”
Apparently, Title Companies are more important than ever in today’s market brimming with foreclosures, REOs and short sales.