Title Insurance Policy?

mcs328 · 05-31-2005, 04:18 PM

I'm trying to refi my mortgage for a lower rate. They asked me about a Title Insurance Policy which I don't have. Apparently the title company hasn't stopped f'ing me over yet from the first time. So I've been calling the guy since noon today and left him voice mail. Still hasn't called back...

Soon as he faxes it over I'm going to write a letter and tell him and his whole company is incompetant!!

Anyways...anyone want to explain what this Title Insurance Policy is and why it's important yet I was never give one? Thanks.

MrGreg · 05-31-2005, 04:33 PM

Basically title insurance is a guarantee that nobody else can make a claim to your property. They research back throught the records of ownership. If someone sues you saying they actually own the property, and they win, title insurance pays you off.

zippyjuan · 06-01-2005, 03:49 AM

Which means you will be able to pay the mortgage company off which is why they require it. If your refi is with your current lender, you may be able to get them to go by the original title insurance. Was there some question about your title the first time? Those are usually quite simple and ordinary proceedures to get the insurance. They do a title search first.

mcs328 · 06-01-2005, 12:39 PM

Apparently he sent it and I never got it. I hear now this particular settlement attorney has a knack for just being forgetful. Ugh. There wasn't a quetstion about the title the first time that I can think of. Sign sign sign. I do notice that I need to actually read what they print out. They make these 'typos' that I catch. When I find a bigger and better place I'll look for a different middle man everything.

Chgoman · 06-01-2005, 07:02 PM

That's interesting. I don't know how things work with settlement attorney's since we use escrow companies in my area, but we get the preliminary title report as part of our title insurance policy fairly early on in the escrow. If you paid for it, then the insurance is in force, it's just a matter of getting the written proof.

05-31-2005, 04:18 PM	#1
mcs328 Admiral Join Date: Feb 2001 Location: Maryland Posts: 6,578	Title Insurance Policy? I'm trying to refi my mortgage for a lower rate. They asked me about a Title Insurance Policy which I don't have. Apparently the title company hasn't stopped f'ing me over yet from the first time. So I've been calling the guy since noon today and left him voice mail. Still hasn't called back... Soon as he faxes it over I'm going to write a letter and tell him and his whole company is incompetant!! Anyways...anyone want to explain what this Title Insurance Policy is and why it's important yet I was never give one? Thanks. __________________

05-31-2005, 04:33 PM	#2
MrGreg Captain Join Date: Jul 2000 Location: Beaverton, OR Posts: 1,529	Basically title insurance is a guarantee that nobody else can make a claim to your property. They research back throught the records of ownership. If someone sues you saying they actually own the property, and they win, title insurance pays you off. __________________ -The nerd formerly known as vectorcalculus

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06-01-2005, 03:49 AM	#3
zippyjuan Picture of the Day Guru Join Date: Oct 2002 Location: Sunny San Diego Posts: 8,756	Which means you will be able to pay the mortgage company off which is why they require it. If your refi is with your current lender, you may be able to get them to go by the original title insurance. Was there some question about your title the first time? Those are usually quite simple and ordinary proceedures to get the insurance. They do a title search first.

06-01-2005, 12:39 PM	#4
mcs328 Admiral Join Date: Feb 2001 Location: Maryland Posts: 6,578	Apparently he sent it and I never got it. I hear now this particular settlement attorney has a knack for just being forgetful. Ugh. There wasn't a quetstion about the title the first time that I can think of. Sign sign sign. I do notice that I need to actually read what they print out. They make these 'typos' that I catch. When I find a bigger and better place I'll look for a different middle man everything.

06-01-2005, 07:02 PM	#5
Chgoman Lieutenant Commander Join Date: Apr 2002 Location: Mission Viejo, CA Posts: 696	That's interesting. I don't know how things work with settlement attorney's since we use escrow companies in my area, but we get the preliminary title report as part of our title insurance policy fairly early on in the escrow. If you paid for it, then the insurance is in force, it's just a matter of getting the written proof.

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