News reports abound about what is happening with foreclosures. Industry newsletters, title insurance companies and regular newspapers are all covering the court decisions that have been made about the "bad" foreclosures of the past two years. These foreclosures have errors in the order in which documents were recorded and the courts essentially require that the procedure be re-performed to perfect it before the title to the property is clear.
Why is this important? Well, if you're buying a home from a bank, you might assume that the title is clear and marketable. You assume the bank did everything right when it foreclosed and that if it didn't, you're protected. However, without title insurance, the problem just becomes yours to fix. When buying a home, especially out of foreclosure, you're wise to hire an attorney to represent your personal interests so that he or she examines a title in detail and makes sure you're not inheriting something that a bank did wrong. Be sure to seriously consider title insurance, as well, so that if there is something on the title, you have insurance against the cost of fixing the problem.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
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