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Illinois governor vetoes title purchase bill
Posted Date: Monday, August 27, 2018
Illinois Gov. Bruce Rauner vetoed a bill that would have amended the state’s Title Insurance Act by requiring the title insurance company that issues the owner’s title policy to issue the lender’s title policy unless the buyer and seller agree. In a letter to the state’s General Assembly, he said the legislation “would harm consumers and prohibit free competition within the real estate industry.” Read on for more details.
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Court says title insurer required to defend tribal rights dispute
Posted Date: Wednesday, August 29, 2018
The owners of tidelands in Washington State filed suit against their title company, arguing that the title company was obligated to defend them against a claim by the Squaxin Island Tribe that the 1854 Treaty of Medicine Creek gave it the right to take shellfish on the property. Read on for more details.
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Court denied quiet title, foreclosure action
Posted Date: Wednesday, August 29, 2018
The holder of a promissory note on a Massachusetts property filed suit in U.S. District Court, seeking clarification that it is the holder of the mortgage and to quiet title and foreclose on the property. Read on to find out why the court denied the promissory note holder’s motion in the case.
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Governor signs Illinois foreclosure legislation
Posted Date: Wednesday, August 29, 2018
Illinois Gov. Bruce Rauner signed legislation that amends the state’s law regarding foreclosure proceedings, as well as who holds title of disputed property after foreclosure. Read on for more details.
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Vermont issues new mortgage commitment letter regulation
Posted Date: Wednesday, August 29, 2018
The Vermont Department of Financial Regulation has issued a new regulation, effective Oct. 1, to create a minimum framework within which residential real estate mortgage loan commitment letters are to be issued by mortgagees in the state and encourage complete and timely disclosure of information to consumers. Read on for more details.
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Arizona man indicted for $6 million lien release scheme
Posted Date: Wednesday, August 29, 2018
Arizona Attorney General Mark Brnovich announced a state grand jury indicted a Gilbert, Ariz., man on felony counts of fraud schemes and artifices, money laundering, controlling an illegal enterprise, computer tampering, aggravated identity theft, and forgery. He is accused of filing forged lien release documents, leading to $6 million of losses to victims. Read on for more details.
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Kraninger nomination goes to full Senate
Posted Date: Monday, August 27, 2018
On Aug. 23, the U.S. Senate Banking Committee voted to move Kathy Kraninger’s nomination to lead the Consumer Financial Protection Bureau to the full Senate. The vote occurred after the committee delayed the vote from Aug. 2. Read on for more details.
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Buyer sues foreclosing tax lien holder after foreclosure reversed
Posted Date: Monday, August 27, 2018
After the owner of property failed to pay taxes for the years 2005-2008, the city of Hartford, Conn., filed tax liens against the condominium unit. The eventual holder of the tax liens eventually filed foreclosure proceedings and sold the property to a couple. Shortly after the sale went through, the owner filed a motion to open and vacate the foreclosure. The foreclosure was vacated, but the buyers filed counterclaims against the tax lien holder. Read on for more details.
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Borrower argues substitution date invalidates foreclosure
Posted Date: Monday, August 27, 2018
A man sued several parties to his refinance transaction, alleging they induced him into executing a straw note and that they lacked the authority to foreclose because the notice of default, substitution of trustee and assignment of deed were defective. Read on for more details.
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Title insurer, agency dispute joinder
Posted Date: Wednesday, August 22, 2018
The owner of property in Gladwyne, Pa., filed suit against his title insurer after his claim regarding an undisclosed easement was denied. The title insurer then sought to join the title agency that conducted the closing and hired the search company that conducted the title search. Read on for more details.
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Insured sues for coverage of missed payoff
Posted Date: Wednesday, August 22, 2018
After discovering that a judgment lien against property she bought from her sister had not been paid as she believed, an insured filed a claim with her title company, which was denied. She then sued for indemnification. The case eventually went before the Superior Court of New Jersey, Appellate Division. Read on for more details.
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Chain of title fraud conspirator sentenced to 10 years
Posted Date: Wednesday, August 22, 2018
A mortgage elimination schemer was sentenced to more than 10 years in prison and ordered to pay $1,759,100 in restitution for his role in a fraudulent mortgage elimination scheme Read on for more details.
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Woman indicted for defrauding title company
Posted Date: Wednesday, August 22, 2018
The Cape May, N.J. county prosecutor announced the indictment of a woman from Cupertino, Calif., who was involved in defrauding a title company in Avalon, N.J. Read on for more details.
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Staying alive: 1031 exchanges flourish after tax reform
Posted Date: Monday, August 20, 2018
Less than a year ago, it seemed that the future of 1031 exchanges was on life support. But as the tax-advantaged way of exchanging real property survived the tax reform bill passed late in 2017, the market has flourished thus far this year, experts told The Legal Description.
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Judge: Misconduct may result in counsel forced to kiss at Alamo
Posted Date: Monday, August 20, 2018
In an order setting up an initial status conference hearing for HouseCanary Inc. v. Quicken Loans Inc., et al, U.S. District Judge Fred Biery issued an unusual warning to both sides. Run afoul of professional conduct standards and you might find yourself at the Alamo, kissing counsel from the opposing side. Read on for more of Biery’s order.
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Unlocking Blockchain’s real estate potential
Posted Date: Monday, August 20, 2018
Whenever the words real estate and innovation are mentioned in the same sentence, it is often a safe bet that the last word in that sentence will be Blockchain. (See?)
John Heck, director and industry general manager at DXC Technology; Matt Einheber, principal at Transfer: Real Estate Intelligence; and Piper Moretti, CEO of the Crypto Realty Group, detailed what ways Blockchain is the invisible X factor poised to reshape the real estate transaction during the 2018 National Settlement Services Summit (NS3).
Find out what they had to say about the technology’s potential for reshaping the real estate transaction.
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Nevada Supreme Court addresses coverage after HOA foreclosure
Posted Date: Monday, August 20, 2018
The Nevada Supreme Court recently addressed whether a title insurer is required to provide coverage to an insured deed of trust holder when the subject property was foreclosed by the homeowners’ association. Read on for more details.
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Bureau finalizes 2015 legislative requirements on privacy
Posted Date: Monday, August 20, 2018
Updates to the Gramm-Leach-Bliley Act written into law in 2015 have been finalized in regulatory language by the Consumer Financial Protection Bureau. The changes exempt certain financial institutions from having to send customers annual privacy notices. Read on for more.
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Former Washington escrow company owner sentenced for fraud
Posted Date: Monday, August 20, 2018
The owner of a former real estate escrow firm was sentenced to time in prison for bank fraud for stealing more than $2.1 million through a variety of techniques, including making false entries in escrow closing documents, altering accounting records, and depositing checks into the general account instead of the trust account. Read on for more details.
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