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Tuesday, January 10, 2012
Gene McCullough Joins Title Experts
Title Experts and Management Services (TEAMS) proudly announces that Eugene R. "Gene" McCullough has joined us as
a Partner / Expert Witness / Consultant. Gene has more than 30 years executive experience in the title insurance industry
and is a well-know speaker. He brings a great deal of title insurance software development and impllementation experience
to complement the solutions developed by Bob Philo. Gene is based in Knoxville, Tennessee.
4:18 pm cst
Monday, December 6, 2010
Do I need title insurance?
We
are looking at buying a home through a VA loan; the home is basically a foreclosure, we suppose. The new refinancing through
the VA does NOT require a Title search or title policy. Obviously, I understand from your business that you are
experts in the title business, but we wondered what you would recommend as it appears it will be "optional" and
not required for us to pay extra money for a title policy or title search. If you would advise doing it, could you explain
why?? By the way, this is in the State of Texas, so I am contacting you as you are familiar with this state's
regulations. Thanks. Edith and Donald Martin |
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Mr. and Mrs. Martin,
I would encourage you to purchase an Owner Policy of
title insurance under every circumstance but right now there is an additional reason to do so. Recently there have
been a number of foreclosures conducted by lenders or by companies hired by the lenders where the foreclosure documents were
not reviewed correctly. Many lawyers are now encouraging people who have lost their homes to foreclosures to file
law suits to set aside the foreclosures - even when there is no apparent basis for the suit. So, there is the additional
possibility that the title to the home you are purchasing will be challenged.
Now, for the good news! In Texas you are entitled to obtain your Owner Policy as a simultaneous issue
policy - issued at the same time as the Loan Policy that you will have to purchase to insure the VA and/or the lender
making the loan. That means that the cost of both policies will be the same as the cost of the Loan Policy plus $100
plus the difference in premium between the loan amount and the purchase price - usually about 3% of the purchase price.
In other words, you will be able to insure your interest in the property for about $200 additional, depending on the purchase
price and the down payment amounts.
The tilt company issuing the Loan Policy will be able
to tell you exactly how much the difference will be once they know the loan amount and the purchase price. The one-time
premium will cover you forever. Don't take chances - the cost of defending even a frivolous law suit are much more
than a few hundred dollars.
Bob Philo
Friday, March 12, 2010
Welcome to Title Experts Blog
This blog will be used to post selected questions submitted to us and our answers
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