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title ins. question - http://www.dealmakerscafe.com Forums

Original message

moseskjp

"title ins. question" , Thu 22 Mar 04:01

Hey, quick question - will a title company give you title insurance on a subject to deal?...even though the title remains clouded with the previous owner's mortgage?

I just had a title co. give me the ole' list of requirements that must be met in order for them to insure title and, of course, the first requirement was the payment in full of the existing first lien note at closing.

Hmmmmmmmm...

Thanks!

...jp

"SW.SW.SW.SW."

Replies:

Lynn
Moderator

"Re(1):title ins. question" , Thu 22 Mar 10:04

You shouldn't have a problem if they understand what you are doing. The policy will spell out that the mortgage will remain.

Happy Investing!
Lynn

Knowledge is important but all the knowledge in the world is worthless without action! How many offers did "you" make today?

Terry (Houston)

"Re(1):title ins. question" , Thu 22 Mar 08:22

Find a title company who knows what you are trying to do from your local REI Club.

I found one finally. Also look under attorneys that do non-title closings. They will know a title company to go to as well.

They should just put in Subject to existing lien from....

...There is no chance no destiny no fate
that can circumvent or hinder or control
the firm resolve of a determined soul...

Ella Wheeler Wilcox

Terry (Houston)

moseskjp

"Re(2):title ins. question" , Tue 3 Apr 14:55

Hey, Terry...do you mind if I give you a call? I've got a couple of questions I'd like to run by you. Or, you can call me if you prefer. Thanks, just let me know...

...jp
moseskjp@midsouth.rr.com

"SW.SW.SW.SW."