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Mortgagee sues title insurer over closing instructions
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Court Report
Thursday, April 9, 2015
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After discovering that the borrower on a refinanced loan had taken out an additional loan on property in New Jersey, and that that property had first lien priority, the mortgage company and title insurer got embroiled in a dispute with the holder of the note. As part of the legal proceedings, the mortgagee sued the title company under the closing protection letter and title policy because it alleged the title agent missed the preceding mortgage and caused the losses it suffered. Read on for more details.
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