Today, the Consumer Financial Protection Bureau announced a proposed rulemaking that would prohibit servicers from commencing foreclosure actions until after December 31, 2021. Under the current rules, a borrower must be 120 days delinquent before a loan servicer can start the foreclosure … [Read more...] about CFPB Proposes Foreclosure Ban through ’22
Who Owns the Property and Why?
In our last post we discussed the difference between ownership and title. Next we examine the relationship between the two: how we determine who owns a property by examining title to a property. Though the title company handling settlement will always advise who owns the subject property, it is … [Read more...] about Who Owns the Property and Why?
The Subtle Distinction between Title and Ownership
Many equate "title" with "ownership" of property. There is a subtle distinction: ownership represents the bundle of property rights one acquires when purchasing property. Title is the evidence of a person's right to assert or enjoy those property rights. It is only the ability to dispose of … [Read more...] about The Subtle Distinction between Title and Ownership
Should I buy a home warranty when I have homeowners insurance?
Most lenders will require a borrower to purchase a homeowners insurance policy to protect their home. A buyer may wonder, then, why it is prudent to purchase a home warranty in addition. What is covered under the home warranty that is not covered under homeowners insurance? Homeowners insurance … [Read more...] about Should I buy a home warranty when I have homeowners insurance?
The Difference between Standard and Enhanced Title Insurance
If a buyer opts to purchase title insurance at settlement, the buyer will be faced with deciding whether to purchase standard or enhanced title insurance. All potential title claims covered under standard version are covered by the enhanced version. These include: Third party claims in … [Read more...] about The Difference between Standard and Enhanced Title Insurance
The Difference between Owner’s and Lender’s Title Insurance Policies
At the settlement table, purchasers often wonder why they are faced with purchasing both an owner's title insurance policy as well as a lender's policy. The difference is as follows: An owner's policy protects the policyholder from challenges to the legal rights to his or her property. The policy … [Read more...] about The Difference between Owner’s and Lender’s Title Insurance Policies