Short Sale Title Insurance Designed for Mortgage Servicers
The judicial foreclosure process in Florida is among the most extended and complex in the country. Florida is generally a consumer protection oriented state and has a multitude of laws and restrictions to protect its citizens.. For mortgage servicers, working with an experienced title agency can help ensure an error free seamless transaction.
Florida Expedited Foreclosure Process
Florida foreclosures are judicially mandated and require specific knowledge, there are laws that are meant to expedite the foreclosure process. Enlisting the assistance of a title agency early on in the process can ensure your final judgment of foreclosure includes:
- A legal identification of the property to be foreclosed.
- All junior lienholders.
- A comprehensive list of the debts owed to other lien holders.
When a property owner is behind on mortgage payments, odds are they have other unpaid debts as well. Knowing how many other lienholders exist may assist in determining whether to seek additional relief from the Court, including a deficiency judgment against the borrower.
If available, a deficiency judgment generally gives the lienholder the the right to collect any unrecovered damages from other assets owned by the borrower.
Short Sale Transactions
Short sales are challenging, but when handled efficiently, can be beneficial for both parties. Despite the fact the property will sell for less than the outstanding balance of the loan there is still an opportunity for lenders to quickly and effectively recoup a portion of their investment. Some of the title insurance our real estate professionals use to protect servicers in short sale transactions include:
- Evidence of the mortgagee’s final consent and approval of the sale.
- A check to ensure there are no creditors who can claim rights to the property.
- Payoffs for taxes, fees and amounts due on the property.
- Documentation of all properly filed liens.
Very few title agencies have the resources to process high volume and specific title commitments.
Work with a High Volume Title Agency
Upland Title Agency serves Florida real estate professionals looking for a high-quality alternative to the standard title agency. We are equipped to handle complex, high-volume, and time-sensitive title work at a competitive price point. Contact us at: 786-687-3295 - firstname.lastname@example.org to discover how working with Upland Title Agency can improve the way you close deals.