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Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Fascinating of course. Since the OP seems to base all of her assertions on a "book by Dave Krieger" I'm thinking that there's much ado about nothing unless she want's to copy and paste that "former realtor's" hypothesis. Either that or point to a website where we can make the guy rich by buying his book.
My tax guy came in the office the other day with a question about some property a partnership he was involved in and he claimed some "charlatan" (my words) could get them money based on the MERS registration. I looked up each of the mortgages that he specified and none of them were in the MERS system. I think I saved him a shiftload of money paid to the conspiracy guy trying to extract it from him.
Your mileage may vary, but methinks this has already been adjudicated (Sorry OP, but when the court speaks it becomes law unless appealed later) and has been to be found meritless.
I am very interested in this topic. I just got denied a mortgage due to "title incurable," and I have no idea why that would be the case. I don't even know how to inquire about it, since the lender included no contact info, and they are notorious for not being customer service oriented.
I am very interested in this topic. I just got denied a mortgage due to "title incurable," and I have no idea why that would be the case. I don't even know how to inquire about it, since the lender included no contact info, and they are notorious for not being customer service oriented.
I suspect the title is clouded and if it's clouded it's not insurable...not that the insurance is worth anything anyways, cause it's not...I'll explain that part later, but you can't obtain a loan without buying title insurance and if the title company can't insure the property, your loan will be denied. Call the title company and ask if there's a cloud on the title. Expect them not to know...but try and see what they say. A clouded title is a material fact that has to be disclosed. If it is clouded consider yourself lucky the deal didn't close, because that means you would have bought whatever mess that title was/is involved with and I can tell you right now, most likely the title insurance policy wouldn't have covered it because they have written a wrap-around clause in the Exceptions portion of the policy.....standard practice by the way. You can expect pretty much any piece of property today to have a cloud on it due to what's taking place behind the scenes with all the notes, so it will be very difficult to find anything that doesn't have a clouded title because most don't even know the status of their own title, what actually is clouding it and how to go about fixing it. AND, the title companies aren't doing proper searches so they will tell you the title is clear when it's not and insure you even though the title is clouded, but I assure you they know at the very top what's going on behind the scenes as that's the very reason why there's the wrap-around clause in the Exceptions portions of the policy indemnifying themselves from any liability! I'll make that connection in another post as to how THAT part of the story has come to fruition.
And yet, another yarn spun without answering anything, just more unsubstantiated allegations and finger pointing.
If you don't have anything of substance to say please refrain. I've reported you for trolling cause that's what you're doing. I'm offering solid information. I will continue to tag all posts that participate in trollish behavior. I asked nicely in the OP.
Fascinating of course. Since the OP seems to base all of her assertions on a "book by Dave Krieger" I'm thinking that there's much ado about nothing unless she want's to copy and paste that "former realtor's" hypothesis. Either that or point to a website where we can make the guy rich by buying his book.
My tax guy came in the office the other day with a question about some property a partnership he was involved in and he claimed some "charlatan" (my words) could get them money based on the MERS registration. I looked up each of the mortgages that he specified and none of them were in the MERS system. I think I saved him a shiftload of money paid to the conspiracy guy trying to extract it from him.
Your mileage may vary, but methinks this has already been adjudicated (Sorry OP, but when the court speaks it becomes law unless appealed later) and has been to be found meritless.
What I share here is based on real cases and situations not my opinion. I read a lot of case law and have been in the mortgage fraud field for a couple of years now. I worked as a Realtor for 6 years. I don't know why you're trying to discredit what I share? If you don't like what's being posted here don't read it and don't comment.
Dave Krieger is in the forefront of his industry. His work is impeccable, you should take the time to familiarize yourself with him rather than bad mouth a person you know nothing about as it makes you look ridiculous. It's quite common for attorneys to site his book in their cases. In fact a couple of attorney generals, one being I believe Marc Dann of OH, won his case based on work cited in Dave's book. I just heard today that Dave is writing an amicus brief for the, Harvey v. Garbatt Mortgage case. That's a case where two realtors were pulled into court and are being sued because they got tangled up in the middle of a quiet title fiasco. Not just anyone gets to write an amicus curiae by the way. So if the guy is such an idiot, I don't think he'd be in the position he finds himself today.
Also, just cause it's 'not in the MERS system' means nothing. You see what 'they' want you to see and that has come up on record in previous documented court cases....but don't ask me to cite them, can't remember, it's a known fact for those who run within the legal circles of the MERS fiasco.
Fast forward to a year later.... I was doing an appraisal on an empty condominium near the ocean in that same community. The agent met me there to let me in to do the measuring, take notes, photos, etc. The buyer was with them. When I introduced myself--the buyer spun around and said, "You're TotallyTam?!?!" I said, "Yes, why?" She ran over and hugged me---and said she was the potential buyer on that property from a year go--and that I saved her and her husband a world of headaches and lawyer fees by bringing up the title issue. She said the whole thing blew up into a huge legal mess---and heads were rolling, people were fired, being sued, etc. So glad I kept myself and my company out that jazz!!!!!! And I was happy I saved those buyers a world of hurt, too.
Know your titles and legal descriptions, folks!!!! There are scads of unscrupulous wheeler/dealers out there.
This is going on all the time! People are buying and selling clouded titles every day without even realizing it. Title examinations do nothing. If you're unfortunate enough to get snared up in the mess, it's an experience you'll never forget! There are so many different ways the chain of custody can be broken and it only takes one defect to have a problem. I would bet the legal description wasn't the only issue with the title. Thanks for sharing.
I suspect the title is clouded and if it's clouded it's not insurable...not that the insurance is worth anything anyways, cause it's not...I'll explain that part later, but you can't obtain a loan without buying title insurance and if the title company can't insure the property, your loan will be denied. Call the title company and ask if there's a cloud on the title. Expect them not to know...but try and see what they say. A clouded title is a material fact that has to be disclosed. If it is clouded consider yourself lucky the deal didn't close, because that means you would have bought whatever mess that title was/is involved with and I can tell you right now, most likely the title insurance policy wouldn't have covered it because they have written a wrap-around clause in the Exceptions portion of the policy.....standard practice by the way. You can expect pretty much any piece of property today to have a cloud on it due to what's taking place behind the scenes with all the notes, so it will be very difficult to find anything that doesn't have a clouded title because most don't even know the status of their own title, what actually is clouding it and how to go about fixing it. AND, the title companies aren't doing proper searches so they will tell you the title is clear when it's not and insure you even though the title is clouded, but I assure you they know at the very top what's going on behind the scenes as that's the very reason why there's the wrap-around clause in the Exceptions portions of the policy indemnifying themselves from any liability! I'll make that connection in another post as to how THAT part of the story has come to fruition.
Can you explain to me in very simple terms how my title could have become "clouded" without my knowledge and what, SPECIFICALLY, I can do about it? What recourse I might have?
I reported the problem to the title company and am awaiting a response. In the meantime, I want to understand HOW this could have happened and what actions need to be taken, and by whom, to fix it.
If anyone is interested you can read about Dave here: Clouded Titles
I have personally met Dave and attended his seminar a few years back. He'll make your head spin with all he has to share. Bonus...great sense of humor. He's an amazing wealth of knowledge and I highly recommend his book. If you're really in to this aspect of real estate, you'll want to highlight almost every page as it's packed with information, court cases, and all the dialogue to put you in the know about the ever changing climate of the real estate field. The clouded title issue is a developing cottage industry not soon to go away, unless someone is planning on clearing all clouds nationwide with a magic wand. The book is written for attorneys, realtors, buyers, sellers and anyone involved in the real estate transaction.
Last edited by Torrie; 01-22-2014 at 09:50 PM..
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