All Forum Posts by: Tom Gimer

@Ayodeji Kuponiyi For starters, the interest rate. But read those terms carefully and you'll see that you aren't dealing with a lender at all... you're dealing with a moron.

@Ayodeji Kuponiyi You'd be insane to proceed with this "lender".

You won't know for sure until your $3,600 disappears but this sounds like the typically hard money scam.

Let me guess... the "lender" didn't even need to see all the details of your deal.

Got a call the other day from a client who was being offered a $600,000 hard money loan, just needed to pay $5,000 up front. No information was required about the deal itself! Yeah, like anybody is going to make a $600,000 unsecured loan.

@Dave Dagostino Great answer, Dave.

We constantly deal with residential buyers who refuse to purchase a survey. 

They save ~$200 (this is the average cost of a location drawing) in and in the process expose themselves to huge potential liabilities. I never understand this. They spend half a mil plus on a house and don't seem to care what they're getting. 

And lenders are OK with this -- they force title to eliminate the survey exception in lenders policies so it doesn't affect them.

Originally posted by @Russell Brazil:

The sub forums for the states are not as popular as the more generalized forums. Lots of members from the DC/Baltimore areas here on BP. In factI think 4 of the site moderators are based in the DC/Baltimore region

Thanks.

BP may consider getting rid of seldom-used forums like this. 

If the best way to find relevant information is the "keyword alert" feature (as others have suggested), then there may be no point in having many of the sub-forums.

In the case of an unreleased trust showing on title, changing lenders won’t change what a title search reflects. You’ll need to resolve this before you sell, so the fix may as well happen in connection with the current transaction. Lenders may go out of business but there is almost always a successor entity who can research the issue and sign a release/CS if the loan was in fact paid.

@Dion DePaoli Jackie responded and clarified.

The fact that the DoT was recorded is not the end of it. You can record a DoT and still not have a valid lien due to problems with the legal description or the instrument itself. 

But something else is up here... the title company discovered Jackie's lien in their search but took an affidavit from the seller that she would pay it outside of closing? That's unheard of. And if it turns out to be true, the ultimate liability will fall on the title company's E&O -- unless the seller bucks up.

@Dion DePaoli I disagree. That lien may be in jeopardy. One thing that remains to be seen here is whether Jackie Lange's lien was properly recorded and secured an interest in the subject property. She said the title company initially told her to go and deal with the seller about this. That tells me they may not have found her lien in their search... and that isn't always due to a title company error.

So, had Jackie been issued a lender's policy concerning her DoT/mortgage, and for whatever reason (error in legal description, failure to record, etc.) the DoT/mortgage was not a valid lien, her policy might protect her in this situation.

It depends on the value and/or type of the underlying claim giving rise to the lis pendens. Most likely — no. And if somebody else is claiming ownership, your sale is absolutely not going to happen.