attorney affirmation, chain of title, foreclosure, foreclosure crisis, hallamark abstract service, Ibanez case, indemnification, MERS, mortgage assignment, mortgage title insurance, NY, standing to foreclose

Buyers are not afraid of buying bank REO’s! (chart)

Despite the questions swirling around foreclosures, the survey says that the majority of Americans are still willing to buy

Over the last few months The Hallmark Abstract Sentinel as well as the partners of Hallmark Abstract Service have tried to outline all of the issues that exist in the world of foreclosures that can potentially make the purchase a somewhat risky bet.

We have spoken about topics that include MERS, Standing to foreclose, failure to have clear chain of title, failure to have adequately documented mortgage assignments and more.

We have discussed cases that have reversed completed foreclosure actions such as the Ibanez decision in Massachusetts and the fact that in New York attorney’s are now required to sign an affirmation which basically states that they know of all of the paperwork in the action and are comfortable with its validity and accuracy.

In cases where questions exist that cannot be answered satisfactorily title insurers may decline to issue a policy or require that the lender involved in the foreclosure sign an indemnification that says that if any issues over the foreclosure and title to the property arise in the future that they, and not the title insurer, are on the hook.

Michael Haltman, partner in Hallmark Abstract Service has appeared on the radio and will be teaching a CLE class in New York on these many risks.

That said, a survey conducted by the Home Buying Institute indicates that buyers are just not afraid. The graph is below, and as always, caveat emptor!

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