OfflineWith regard to bank owned and foreclosure a million more to hit this year. There is a question mark on the Doc processing, so be sure to check the title reports carefully. I just caught the last part of this on 60 minutes and was directed to 60minutesovertime.com.
Recently on 60 Minutes
The next housing shock
As more and more Americans face mortgage foreclosure, banks' crucial ownership documents for the properties are often unclear and are sometimes even ****, a condition that's causing lawsuits and hampering an already weak housing market. Scott Pelley reports.
Read more: http://www.cbsnews.com/60minutesovertime#ixzz1IVsBttcR
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Title Insurance!
Michael Mangham
MD Home Acquisitions LLC
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That is why I suggested checking the title reports. There should be valid reconveyance.
The great thing about getting title insurance every time you purchase is that if there is a problem with title that crops up later it is the responsibility of the title insurance company to fix the problem or pay you off for the amount insured. It is the best protection a real estate investor can have and the price of title insurance is very modest. Always, always, always get title insurance.
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