Monday, August 17, 2009

Is Anyone Reviewing the Title Commitment?

It's important to make sure your mortgage broker is reviewing the title commitment on all your deals. Many times, there are issues that must be addressed by the seller that could be deal-killers if they are not dealt with correctly. Some examples of things that might show on the title commitment include:

- Tax liens
- Judgments
- Mortgage liens that far exceed the value of the property
- Foreclosure proceedings have been started
- Etc.

Although these are all issues that the seller must address before the closing, the lender should make sure they are being resolved in a timely fashion.

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