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Sixth Circuit determines rights in foreclosure under doctrine of equitable title
Posted Date: Wednesday, November 30, 2022
After Oakland County, Mich., took title to homes under the Michigan General Property Tax Act, the properties were eventually sold for significantly more than the tax delinquencies without providing the excess funds to the former homeowners. The former homeowners sued, asserting claims under the Takings Clause of the Fifth Amendment.
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ALTA responds to CFPB RFI on refinances
Posted Date: Wednesday, December 7, 2022
The American Land Title Association submitted comments to the Consumer Financial Protection Bureau’s request for information on ways to improve mortgage refinances, pointing to the role the industry plays in these transactions and warning against the use of alternative products.
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Policy holders seek remand of case against insurer, agent
Posted Date: Wednesday, December 7, 2022
After a title insurer didn’t address their claims in a quiet title action, the policy holders filed suit against the title insurer and title agent in state court. The court granted the insurer’s motion to dismiss the agent and moved the case to federal court. The policy holders then moved to remand the case back to state court.
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Tennessee AG warns against phishing, wire fraud scams
Posted Date: Wednesday, December 7, 2022
The Tennessee Attorney General’s Division of Consumer Affairs works to protect Tennesseans from scams and unfair or deceptive business practices. It learned scammers may be targeting homebuyers by phishing for personal information from title companies.
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Insurer argues title policy not applicable after foreclosure proceedings
Posted Date: Monday, December 5, 2022
A series of assignments left a party as the beneficial owner of the deed of trust for property in Las Vegas prior to the property being foreclosed upon. It then assigned the deed of trust to another assignee, who made claims against the title insurer. The title insurer moved to dismiss all the claims, arguing the title policy was not applicable after foreclosure proceedings.
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Two found guilty of nationwide foreclosure rescue scheme
Posted Date: Monday, December 5, 2022
A federal jury convicted two individuals of crimes related to their participation in a foreclosure rescue scheme that defrauded at least 780 financially distressed homeowners throughout the United States. The defendants preyed on homeowners who had defaulted on their mortgages and convinced the victims to pay to take part in fraudulent programs on the promise it would save their homes.
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Texas files joint resolution on home equity closing requirements
Posted Date: Wednesday, November 30, 2022
The Texas Legislature filed a joint resolution proposing a constitutional amendment authorizing the legislature to provide for exceptions to the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company.
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Judge grants LandAmerica settlement with former bankruptcy trustee
Posted Date: Monday, November 21, 2022
U.S. Bankruptcy Judge Kevin Huennekens approved a settlement between the successor trustee of the Land American Financial Group’s Liquidation Trust and the company’s former trustee, who had been caught stealing millions from LandAmerica’s winddown fund.
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Texas files deed release legislation
Posted Date: Monday, November 21, 2022
The Texas Legislature filed a bill for the 2023 session relating to the release of a deed or other contract lien securing a home loan after payoff by a mortgagor.
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Texas files bill relating to home equity signings
Posted Date: Monday, November 21, 2022
The Texas Legislature filed a bill for the 2023 session relating to requirements for the physical presence of a borrower for signing certain documents related to a home equity loan.
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