4.3 Million Foreclosure Victims Offered Independent Case Reviews With Focus On Proper Processes

November 10, 2011

While I’m not so sure I agree with the word “victims” in this article title I still think it holds some merit and deserves to be shared. So many people have either already been kicked out of their homes or are in the process of being given the boot. I agree that improper processes need to be identified and addressed.

Here is the article from yesterday’s NotaryBulletin presented by the National Notary Association.

In what is being considered the first meaningful response to the foreclosure crisis, the federal government has ordered 14 mortgage lenders involved in the “robo-signing” scandal to send letters to 4.3 million consumers who may have been victimized by foreclosure errors and misconduct, paving the way for a massive number of individual case reviews and potential compensation.

Read more

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Clear title is essential (hilarious!)

August 20, 2010

Part of rebuilding New Orleans caused residents often to be challenged with the task of tracing home titles back potentially hundreds of years. With a community rich with history stretching back over two centuries, houses have been passed along through generations of family, sometimes making it quite difficult to establish ownership. Here’s a great letter an attorney wrote to the FHA on behalf of a client:

You have to love this lawyer…

A New Orleans lawyer sought an FHA loan for a client. He was told the loan would be granted if he could prove satisfactory title to a parcel of property being offered as collateral. The title to the property dated back to 1803, which took the lawyer three months to track down. After sending the information to the FHA, he received the following reply.

(Actual reply from FHA):

“Upon review of your letter adjoining your client’s loan application, we note that the request is supported by an Abstract of Title. While we compliment the able manner in which you have prepared and presented the application, we must point out that you have only cleared title to the proposed collateral property back to 1803. Before final approval can be accorded, it will be necessary to clear the title back to its origin.”

Annoyed, the lawyer responded as follows(Actual response):

“Your letter regarding title in Case No.189156 has been received. I note that you wish to have title extended further than the 206 years covered by the present application. I was unaware that any educated person in this country, particularly those working in the property area, would not know that Louisiana was purchased by the United States from France in 1803, the year of origin identified in our application. For the edification of uninformed FHA bureaucrats, the title to the land prior to U.S. ownership was obtained from France, which had acquired it by Right of Conquest from Spain . The land came into the possession of Spain by Right of Discovery made in the year 1492 by a sea captain named Christopher Columbus, who had been granted the privilege of seeking a new route to India by the Spanish monarch, Queen Isabella. The good Queen Isabella, being a pious woman and almost as careful about titles as the FHA, took the precaution of securing the blessing of the Pope before she sold her jewels to finance Columbus ‘s expedition. Now the Pope, as I’m sure you may know, is the emissary of Jesus Christ, the Son of God, and God, it is commonly accepted, created this world. Therefore, I believe it is safe to presume that God also made that part of the world called Louisiana. God, therefore, would be the owner of origin and His origins date back to before the beginning of time, the world as we know it, and the FHA. I hope you find God’s original claim to be satisfactory. Now, may we have our damn loan?”

The loan was immediately approved.

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The Ultimate Title Search

April 8, 2009

magnifying-glassThe following was sent to me via email by a licensed title agent and I think it’s hilarious. But before I get to the funny stuff I should probably define “title search.” Not everyone reading this knows the term or definition and as a result might not get the humor.

According to Wikipedia a title search is is a process that is performed primarily to determine the answer to three questions:

  1. Does the seller have a saleable interest in the property?
  2. What kind of restrictions or allowances pertain to the use of the land (real covenants, easements, or other servitudes)?
  3. Do any liens exist on the property which need to be paid off at closing (mortgages, back taxes, mechanic’s liens, or other assessments)?

For the purpose of this post the above definition should suffice. Now on to the funny part…

The post office department at Washington, making a careful investigation of the titles to proposed post office sites in Louisiana, received proof of title as far back as 1803, but not satisfied, wrote for evidence as to prior titles… the attorney’s reply read as follows:

I note your comment upon the fact that the record of title sent you as applying to lands under consideration dates only from the year 1803, and your request for an extension of the record prior to that date.

Please be advised that the Government of the United States acquired the Territory of Louisiana, including the tract to which your inquiry applies, by purchase from the Government of France in the year 1803.

The Government of France acquired title by conquest from the Government of Spain, the Government of Spain acquired title by discovery of one Christopher Columbus, traveler and explorer, resident of Genoa, Italy, who had done so by agreement concerning the acquisition of title to any lands discovered, traveled, and explored under the sponsorship and patronage of her Majesty, the Queen of Spain.

The Queen of Spain had verified her arrangement and received sanction of her title by consent of the Pope, a resident of Rome, Italy, and ex-officio representative and vice-regent of one Jesus Christ.

Jesus Christ was the son and Heir-apparent of God… God created Louisiana.

I trust this complies with your request

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