Re: Any TITLE INSURANCE xPerts here ?
[Re: dOrk !]
#2915769
04/27/21 04:20 PM
04/27/21 04:20 PM
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Joined: Jan 2003
Posts: 7,489 Minnesota
Hemi_Joel
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Minnesota
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Doc, they are responsible to provide marketable title if the property sells or gets refinanced. They will try to do that without paying off the lien. To avoid paying out, they will tell the insured that they will provide a title insurance policy to the buyer/bank regardless of the lien. Their payouts are few and far between.
[img]http://i.imgur.com/boeexFms.jpg[/img]31 Plymouth Coupe, 392 Hemi, T56 magnum RS23J71 RS27J77 RP23J71 RO23J71 WM21J8A I don't regret the things I've done. I only regret the things I didn't do. "Wise men talk because they have something to say; fools because they have to say something. ~ Plato"
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Re: Any TITLE INSURANCE xPerts here ?
[Re: Andrewh]
#2915846
04/27/21 07:17 PM
04/27/21 07:17 PM
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Joined: Jul 2008
Posts: 30,424 Florida STAYcation
dOrk !
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THX guys ... My FIENDS situation is this ... through a divorce he was given a pretty substantial lien on some property... due upon sale of the property. That was long since sold and my fiend wants his mooLaa. He got a song and dance from the title insurance company today I’m being kept UP TO DATE as quick as he hears from them
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Re: Any TITLE INSURANCE xPerts here ?
[Re: dOrk !]
#2915868
04/27/21 08:23 PM
04/27/21 08:23 PM
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Joined: Jan 2003
Posts: 7,489 Minnesota
Hemi_Joel
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It sounds like the sale did not invalidate his lien. It activated it. Now he can begin foreclosing on the lien. The owner of them property will have to pay him, then go after the title co and the seller for the $$. If they don't pay him, he can take the house. If the current owner pulled a new mortgage, he is first in line ahead of them. They might pay him to protect their interest in the property. Tell him not to be a tightwad and hire a good attorney who specializes in real estate liens. This is not a do-it-yourself thing.
[img]http://i.imgur.com/boeexFms.jpg[/img]31 Plymouth Coupe, 392 Hemi, T56 magnum RS23J71 RS27J77 RP23J71 RO23J71 WM21J8A I don't regret the things I've done. I only regret the things I didn't do. "Wise men talk because they have something to say; fools because they have to say something. ~ Plato"
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Re: Any TITLE INSURANCE xPerts here ?
[Re: Hemi_Joel]
#2915871
04/27/21 08:29 PM
04/27/21 08:29 PM
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Joined: Jan 2003
Posts: 7,489 Minnesota
Hemi_Joel
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Minnesota
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As a contractor, I aquire lien rights to the properties I improve. I have initiated foreclosures on liens before. It is very ugly. Like a cage match to the death. Deadlines and procedures are strict and unforgiving. People lie to defend. At very good attorney is essential.
Last edited by Hemi_Joel; 04/27/21 08:30 PM.
[img]http://i.imgur.com/boeexFms.jpg[/img]31 Plymouth Coupe, 392 Hemi, T56 magnum RS23J71 RS27J77 RP23J71 RO23J71 WM21J8A I don't regret the things I've done. I only regret the things I didn't do. "Wise men talk because they have something to say; fools because they have to say something. ~ Plato"
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Re: Any TITLE INSURANCE xPerts here ?
[Re: dOrk !]
#2915875
04/27/21 08:35 PM
04/27/21 08:35 PM
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Joined: Jan 2003
Posts: 7,489 Minnesota
Hemi_Joel
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See my post above. The laws protect the property owner. You need an attorney who is diligent at following the process to a T. One mistake and you lose. There is no second chance.
[img]http://i.imgur.com/boeexFms.jpg[/img]31 Plymouth Coupe, 392 Hemi, T56 magnum RS23J71 RS27J77 RP23J71 RO23J71 WM21J8A I don't regret the things I've done. I only regret the things I didn't do. "Wise men talk because they have something to say; fools because they have to say something. ~ Plato"
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Re: Any TITLE INSURANCE xPerts here ?
[Re: dOrk !]
#2915916
04/27/21 10:13 PM
04/27/21 10:13 PM
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Joined: Jan 2003
Posts: 7,489 Minnesota
Hemi_Joel
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Minnesota
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I'm no attorney, don't rely on me. Your friend needs a competent attorney. Recovery of fees can happen in some instances. Everything I know is based on Minnesota law. Other states could be different. An attorney trying to invalidate a lien for his client has many approaches. Mis-speling, improper filing, mistake in the legal description, not filed timely, etc. A lien is worthless without the ability to foreclose. The foreclosure process is fraught with booby traps. How much $ is at stake?
[img]http://i.imgur.com/boeexFms.jpg[/img]31 Plymouth Coupe, 392 Hemi, T56 magnum RS23J71 RS27J77 RP23J71 RO23J71 WM21J8A I don't regret the things I've done. I only regret the things I didn't do. "Wise men talk because they have something to say; fools because they have to say something. ~ Plato"
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Re: Any TITLE INSURANCE xPerts here ?
[Re: Hemi_Joel]
#2916070
04/28/21 11:45 AM
04/28/21 11:45 AM
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Joined: Jul 2008
Posts: 30,424 Florida STAYcation
dOrk !
OP
The village idiot's idiot
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OP
The village idiot's idiot
Joined: Jul 2008
Posts: 30,424
Florida STAYcation
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I'm no attorney, don't rely on me. Your friend needs a competent attorney. Recovery of fees can happen in some instances. Everything I know is based on Minnesota law. Other states could be different. An attorney trying to invalidate a lien for his client has many approaches. Mis-speling, improper filing, mistake in the legal description, not filed timely, etc. A lien is worthless without the ability to foreclose. The foreclosure process is fraught with booby traps. How much $ is at stake? Ole Joel... is your main experience filing or foreclosures ? 85 large ! Gotta go ... I’ll be back later ... thx all
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