http://www.mortgagefit.com/blog/loan-disappear/ Behind the scene Mon, 22 Mar 2010 14:24:48 +0000 http://wordpress.org/?v=2.5.1 http://www.mortgagefit.com/blog/loan-disappear/#comment-17088 jgo Fri, 06 Nov 2009 14:14:06 +0000 http://www.mortgagefit.com/blog/?p=122#comment-17088 So because the title company, and mortgage lender didn't do the job they are paid to do, it falls on the borrower. Poor record keeping, lax quality controls are all calls for more government regulation. What happened to the title insurance protection afforded to the lender? Wasn't there this thing called a "Closing Protection Letter" that spells out the duties/responsibilities of the title company. I'm sure the title company "cut" a deal to avoid litigation with the lender. Otherwise, what lender would do any future business with them. So because the title company, and mortgage lender didn’t do the job they are paid to do, it falls on the borrower. Poor record keeping, lax quality controls are all calls for more government regulation. What happened to the title insurance protection afforded to the lender? Wasn’t there this thing called a “Closing Protection Letter” that spells out the duties/responsibilities of the title company. I’m sure the title company “cut” a deal to avoid litigation with the lender. Otherwise, what lender would do any future business with them.

]]> http://www.mortgagefit.com/blog/loan-disappear/#comment-16966 Adonis Mon, 02 Nov 2009 02:19:53 +0000 http://www.mortgagefit.com/blog/?p=122#comment-16966 Wow! The mortgage simply disappears if the lender cannot prove it??? That's really great to know. But I guess it won't help much. Yeah – it's always good for the borrower who would own the property free and clear but the mortgage market would go into a slump. I agree with you that the courts should come up with a balanced decision which will help the borrowers as well as let the lenders survive in these hard days. Wow! The mortgage simply disappears if the lender cannot prove it??? That’s really great to know. But I guess it won’t help much. Yeah – it’s always good for the borrower who would own the property free and clear but the mortgage market would go into a slump. I agree with you that the courts should come up with a balanced decision which will help the borrowers as well as let the lenders survive in these hard days.

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