Still waiting to close…..

Title work comes in for a file that is set to close in two weeks.  It shows that there is an old mortgage on the property that should have been satisfied previously.  Good, we have two weeks, not two days!  I hate it when these come up a few days before closing.  I begin work on trying to determine where it closed when that mortgage was paid off.  This is generally the best route to take because we can then get them to issue us a letter of indemnity which is just a letter accepting liability for that extra mortgage instead of leaving that liability with us.  After some searching for the title company I discover that a title company was not used.   The mortgage company that did the refinance sent a signing company instead so we now have no one who can indemnify us.  On to the next challenge- locating the mortgage company and trying to get a satisfaction of mortgage to file against the property.    Title shows the mortgage is held by MERS (Mortgage Electronic Registration Systems, Inc.) which is basically just a holding company.  I am able to go online and find out who the last servicer of record is but of course they are no longer in business.  After a lot of calling and google searching I think we have tracked down the company who took over for this mortgage company.  I then find that they have ceased their North American operations and only have offices in South America.   I proceed to call and try to get someone to understand exactly what it is we need but it is difficult.  At this point I have spoke with someone who seems to know what we need and faxed everything over to her.  This whole process has exceeded the two weeks and the closing has not happened yet.  The South American mortgage company representative needs a few days to do some research so I will hopefully hear something soon.  Whether or not they will be able to help us at all is questionable and if so, how long it will take is a concern.

Please read my first blog on title score and you will now see why a property “checkup”  is so highly recommended.  If we are unable to get anything from this company, the next step is for the sellers to obtain a real estate attorney to do a quiet title action on the property- get a judge to remove the mortgage- and the cost and time of that will probably kill the whole deal.  Not a good thing for the agents who have put so much time into the transaction and especially not a good thing for the sellers and buyers!  Call your local title company and have them check out your title..

Crap Happens!

A while back Network Title completed a remodeling project in our Shoreview office that gave us new countertops and a receptionist desk, carpet, paint and wall coverings—it was beautiful! Shortly after the project was completed, we were to do a closing for some VIP’s that were new in town; we were very excited to meet them. They arrived with their daughters, 2 year old Nina, and 7 year old Cici in tow. At one point during the closing, Nina indicated that she needed to use the restroom. So Mom took off her diaper and sent her to restroom under the guidance of Big Sister, Cici. We continued signing until there was a knock at the door. It was Carla, one of our closers, coming to inform Mom that Nina was apparently not feeling well, and nodded toward the lobby. The look on Carla’s face had us all gravely concerned, so all we trailed out of the closing—to find Nina in the middle of the lobby, perched proudly next to the biggest pile of foamy, green, stinking… well, you get the idea: Nina had never made it to the rest room! The closing exploded into instant chaos as Mom, embarrassed by her daughter’s accident, began scrubbing furiously at the putrid stain (in her turquoise silk suit), and Dad tried to clean up Nina, while Cici paced around lecturing Nina. The rest of us tried to pitch in and clean up the stain, all the while assuring our customers that everything would be fine. We then hurriedly finished up the closing and they left. To our amazement, they came back to refinance with us two years later, daughters again in tow. This time however, Nina was not allowed to leave the stroller, and we all had a good laugh. Despite repeated cleanings, the stain never did come completely out of that brand new carpet, but it was a fun reminder that closings do sometimes stink J

Published in: on February 8, 2011 at 5:29 pm  Leave a Comment  
Tags: , , ,