We are all familier with the current land title system wherein the individual States and their respective County clerks are responsible for “keeping the books” on the transfer of real estate in their respective jurisdictions.

A recently introduced bill will require that HUD study a Federal Land Title System (HR 6460) sponsored by Mary Kaptur (D-OH) which would, if passed, pave the way for a National Torrens System. The Torrens System is not commonly used in the United States but is used in may parts of Europe.

What is the difference between the current land title system and the Torrens System? and Why do I Care?

The main difference between a common law title and a Torrens title is that a member of the general community, acting in good faith, can rely on the information on the land register as to the rights and interests of parties recorded there, and act on the basis of that information. A prospective purchaser, for example, is not required to look beyond that record. He or she does not need even to examine the Certificate of Title, the register information being paramount. This contrasts with a common-law title, which is based on the principle that a vendor cannot transfer to a purchaser a greater interest than he or she owns. As with a chain, the seller’s title is as good as “the weakest link” of the chain of title. Accordingly, if a vendor’s common-law title is defective in any way, so would be the purchaser’s title. Hence, it is incumbent on the purchaser to ensure that the vendor’s title is beyond question. This may involve both inquiries and an examination of the “chain of title.”

via sourceoftitle.com

Posted via email from Title Insurance
Continuing Ed for Title Agents

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BofA’s unfunny foreclosure tricks – Street Sweep: Fortune’s Wall Street Blog

April 14, 2017 admin

Posted by Colin Barr

September 23, 2010 11:12 am

Bank of America has outdone itself yet again.

The irresponsible foreclosure practices of banks have been in the headlines. Employees of both GMAC and JPMorgan Chase (JPM) have admitted to signing off on foreclosure documents without actually having read them. The reports have led to renewed questions about the banks’ foreclosure practices.

Not a happy sight

But as usual, the no holds barred winner in the irresponsible bank tricks department is BofA (BAC).

The bank recently foreclosed on a Florida property that doesn’t even have a mortgage, the Sun Sentinel of Fort Lauderdale reported. The foreclosure was started in 2008 by Countrywide, the notorious subprime mill the bank acquired in a fire sale that year. It continued with the proceedings even after the current owner, Jason Grodensky, paid cash for the house last December.

“I feel like I’m hanging in the wind and I’m scared to death,” said Grodensky. “How did some attorney put through a foreclosure illegally?”

BofA admitted the mistake and is fixing it at its own expense, a spokeswoman tells the paper. But you’d have to say this isn’t the bank’s first turn at unfunny foreclosure tricks.

Last year, BofA locked out one Texas homeowner and turned off his power in a foreclosure proceeding. BofA eventually conceded that Alan Schroit owned the house outright, but not before he had the pleasure of returning to the house and finding 75 pounds of spoiled fish in the fridge.