Old Republic National Title Insurance announced earlier last week that it would no longer write policies on properties foreclosed on by GMAC until issues get resolved over proper documentation of its foreclosures. On Friday, it added JP Morgan Chase to the list. BOA would likely be their next candidate.
Expect other title companies to join in on not issuing policies on
foreclosures of these lenders too.
Full link from the NYT
Note: October 4, 2010--Fidelity National Financial joined the list of title companies not issuing policies on foreclosed properties with these lending institutions. Surely even more will follow.
If you plan to close on a foreclosed property of one of these three banks in the near future, I suggest you get your real estate agent on the phone pronto! Your closing may have come to a screeching halt until things get sorted out.
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