Title Insurance, The Crucial Reason Why You Need It

More and more people are overlooking title insurance and paying the price!  Don’t let this happen to you.

Real Estate is one of your most valuable assets. Real Estate is a form of wealth that is protected by many laws at the local, state and national levels. These laws have been enacted to protect your ownership of real estate and to protect your “Bundle of Rights” conveyed with owning it.

The current owners, the owner’s family, and the owner’s heirs have extremely strong rights or claims in and to the property that you are buying. Those that may have an interest in or lien on the property could be an governmental body, contractors, lenders, judgment creditors, the IRS, or various other individuals or companies.

The real estate ( land, residence or commercial property) may be sold to you without the knowledge of the party having a right or claim on the property. In addition, you may be purchasing the real estate without having any knowledge of their rights or claims against the property. In either event, any rights or claims remain attached to the title to the property that you are buying until they are removed.

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Federal Reserve Board Bank Wants to Help Homeowners in Distress

It was announced in the Union Tribune in an article yesterday that the Federal Board’s San Francisco Bank is gathering together the industry troops to see if there might be some solutions to the sub-prime loan crisis and in hopes of helping to  prevent some forclosures.

This is the third such meeting and 3 more are planned. Melody Nev, the Banks Southern California community development manager says” I ask that it is not about blame, not about pointing fingers”.

Seems there have been a lot of finger pointing out there lately. You recall what the advise is about pointing fingers. One points out and  the others point back at the pointer. But hey, if these good folks really can do something we should all listen and learn. This crisis isn’t going away by itself so any good solutions are welcome. Read the rest of this entry »

Loan Defaults are Increasing in San Diego.

Data Quick Information Systems  estimate there are 700,000 to 750,000 outstanding loans in San Diego County. (excluding duplexes,triplexes and apartments). As of the end of the full 1st quarter of information statistics, 10% of these loans were from the sub-prime market and nearly 13% of these loans were past due by at least 60 days.

How did this Happen?

Many of the sub prime loans were sold to borrowers when home prices were escalating. These creative loans required little or no documentation of the borrows ability to re-pay these loans. Some of these loan types  are now categorized as predatory-like  in nature as the loan brokers fixated on making the sale with little regard to the borrowers. The borrowers believed there was no downside and that prices would continue to move-up.