Periodic title exams are a must, especially if you have a common
MINOGUE, CAMILLE ( (no email) )
Fri, 23 Oct 1998 11:04:49 -0700
I feel a strong sense of duty to my fellow human beings to share this
story, although I realize I am digressing a bit from the Fanny's
original question on title insurance. I'll keep it short.
My husband and I recently applied for a home equity line of credit, for
which my bank required a title search. We were shocked to learn that
there is a judgment against our home. Out there somewhere is a deadbeat
who has the same name as my husband, who defaulted on a debt with
SeaFirst bank. An attorney for SeaFirst apparently found all the
persons having the defaulters name and had judgments put against their
homes. Furthermore, this was done with no notification to us!
Imagine. Right now, you could have a judgment against your property
that you don't know about! Imagine further, if you die the bank could
swoop down and collect against your estate for a debt that isn't even
yours! Since you are no longer alive to defend yourself against the
false accusation, it could very easily happen. The only defense is
periodic title checks.
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