In earlier postings, we’ve covered: Verifying title insurance The need to review the terms & scope of the title insurance (2nd in a series; another posting) Some of the title insurance issues when doing a deed in lieu of foreclosure These are all good steps. But they overlook an equally important step: taking another look… Continue Reading
Tag Archives: Title Insurance
Need a Decision Tree and Short List of Key Topics for Your Next Workout? Try these. (Blogging after ACMA)
Posted in Guaranty Issues, Insurance & Environmental Risks, Lender Liability, Remedies, Tax Issues, Tough Times for Lenders, Training, Workout IssuesThe second day of seminars, at the annual meeting of the American College of Mortgage Attorneys, had two key take-aways for me. The first nugget focuses on the Dodd-Frank financial law. The second nugget (below) is much more practical. Inspired by comments made by Jim Allen during a panel presentation (he’s with the Miller Canfield… Continue Reading
Title Insurance Ticking Sound Blows UP: ALTA 21 Creditors’ Rights Coverage Ends
Posted in Good Times for Lenders, Insurance & Environmental Risks, Tough Times for LendersLast Tuesday (Feb 2), the ALTA Board of Governors met to review and discuss the creditor rights issue in light of various recent court rulings. The outcome is no surprise: they voted (unanimously) to withdraw and de-certify the ALTA 21 endorsement (commonly referred to as creditors’ rights coverage). This change will be effective on March… Continue Reading
Into the Looking Glass: What are the lawyers focusing on at the ACMA meeting?
Posted in Good Times for Lenders, Market Trends, Tough Times for Lenders, Training, Workout IssuesFor the next couple of days, I’ll be attending the annual meeting of the American College of Mortgage Attorneys (ACMA). Members of ACMA are a select group of in-house and outside counsel, who are recognized as leaders in commercial real estate finance. OK, I know: You’re rolling your eyes as your internal big screen pans a view… Continue Reading
Ticking Sound: Review Your Title Insurance – A Quick Checklist (Part 2 of 2)
Posted in Good Times for Lenders, Insurance & Environmental Risks, Workout IssuesThis is the second part of a two-part series laying out a quick checklist covering title insurance issues—and highlighting topics that should be investigated. This is an important and often overlooked topic. Was UCC insurance obtained (covering attachment, perfection and priority of lender’s security interest in personal property)? Here are the types of transactions where… Continue Reading
Ticking Sound: Review Your Title Insurance – A Quick Checklist (Part 1 of 2)
Posted in Good Times for Lenders, Insurance & Environmental Risks, Workout IssuesNo surprise at this statement: When the real estate mortgage nears the ditch, the lien priority of the loan and the status of the title (such as easements, deed restrictions, access rights and lien priority) all come under scrutiny. One important point of inquiry is the title policy covering the loan. An “audit” or review… Continue Reading