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Makes you smile - Jay Duncan/MO
10/2/2007 9:05:19 AM (2924 views)
Re: Makes you smile - Robert Franco/OH
10/2/2007 9:49:02 AM (3323 views)
Re: Makes you smile - Sandra Morton/KS
10/3/2007 5:49:27 PM (3520 views)
Re: Makes you smile - Janis Talbot/SC
10/8/2007 8:25:49 PM (3333 views)
Re: Makes you smile - Scott Perry/PA
10/3/2007 10:08:44 PM (3596 views)

Real T Solutions - Cherie Smurthwaite/CA
10/1/2007 10:26:12 PM (2997 views)
Re: Real T Solutions - Irene Guntensperger/MD
7/23/2018 12:09:26 PM (1575 views)

Four Keys... - Wendi See/SC
10/1/2007 8:08:46 PM (4044 views)
Re: Four Keys... - Jessica Talley/NJ
10/1/2007 8:22:05 PM (4405 views)
Re: Four Keys... - Scott Perry/PA
10/1/2007 8:28:17 PM (4189 views)
Re: Four Keys... - Patrick Scott/IL
10/1/2007 9:53:43 PM (4103 views)
Re: Four Keys... - Ben Kohnen/WI
10/2/2007 9:26:00 AM (3412 views)
Re: Four Keys... - Michael O'Brien/NJ
10/15/2007 5:46:49 PM (2980 views)

Titlesearch USA -- anybody have input? - Alix Ott/MI
10/1/2007 5:52:07 PM (2986 views)
Re: Titlesearch USA -- anybody have input? - Jay Duncan/MO
10/1/2007 6:15:10 PM (4017 views)
Re: Titlesearch USA -- anybody have input? - Jessica Talley/NJ
10/1/2007 8:26:17 PM (4429 views)
Re: Titlesearch USA -- anybody have input? - Alix Ott/MI
10/2/2007 8:17:25 AM (4080 views)
Re: Titlesearch USA -- anybody have input? - Lori Cassidy/CT
10/2/2007 8:59:43 PM (3522 views)
Re: Titlesearch USA -- anybody have input? - Nina Gladen/OH
11/15/2007 1:22:02 PM (3015 views)

National Title Net - Kristi Lee/NE
10/1/2007 4:17:28 PM (2921 views)
Re: National Title Net - Kevin Ahern/CT
10/1/2007 5:34:29 PM (3836 views)
Re: National Title Net - Kristi Lee/NE
10/1/2007 5:47:03 PM (3962 views)
Re: National Title Net - Sandra Morton/KS
10/1/2007 6:27:53 PM (3638 views)


Real Title Services


WWYD (What would YOU do)? - Scott Perry/PA
9/29/2007 3:00:27 PM (2965 views)
Re: WWYD (What would YOU do)? - Kevin Ahern/CT
9/29/2007 3:37:00 PM (3889 views)
Re: WWYD (What would YOU do)? - STEVE MEINECKE/VA
9/29/2007 4:18:21 PM (3757 views)
Re: WWYD (What would YOU do)? - Scott Perry/PA
9/29/2007 6:16:35 PM (3554 views)
Re: WWYD (What would YOU do)? - Wendi See/SC
9/29/2007 6:28:56 PM (3524 views)
Re: WWYD (What would YOU do)? - Scott Perry/PA
9/29/2007 10:35:56 PM (3630 views)
Re: WWYD (What would YOU do)? - Wendi See/SC
9/29/2007 11:47:18 PM (3686 views)
Re: WWYD (What would YOU do)? - David Jenkins/PA
9/30/2007 3:57:53 PM (3481 views)
Re: WWYD (What would YOU do)? - Cheryl O'Brien/VA
10/15/2007 11:25:39 AM (2962 views)
Re: WWYD (What would YOU do)? - Jay Duncan/MO
9/30/2007 10:23:31 PM (3448 views)
Re: WWYD (What would YOU do)? - Vikki Moffitt/GA
10/1/2007 6:41:42 PM (3589 views)
Re: WWYD (What would YOU do)? - Alix Ott/MI
10/1/2007 10:27:31 AM (3349 views)
Re: WWYD (What would YOU do)? - Jason Sheppard/PA
10/1/2007 4:43:49 PM (3394 views)
Re: WWYD (What would YOU do)? - Jason Sheppard/PA
10/1/2007 4:48:56 PM (3453 views)
Re: WWYD (What would YOU do)? - Scott Perry/PA
10/6/2007 2:50:41 PM (2879 views)
Re: WWYD (What would YOU do)? - Rebecca Fisher/FL
2/8/2008 9:15:32 PM (2656 views)

End of the Slump - Kevin Ahern/CT
9/27/2007 3:01:37 PM (3155 views)
Re: End of the Slump - Robert Franco/OH
9/27/2007 3:17:31 PM (3068 views)
Re: End of the Slump - Patrick Scott/IL
9/27/2007 6:04:53 PM (2895 views)
Re: End of the Slump - Jay Duncan/MO
9/27/2007 3:19:37 PM (2907 views)
Re: End of the Slump - Jessica Talley/NJ
9/27/2007 7:07:09 PM (2991 views)
Re: End of the Slump - Scott Perry/PA
9/27/2007 9:03:08 PM (2995 views)
Re: End of the Slump - David Jenkins/PA
9/28/2007 8:46:58 AM (3003 views)
Re: End of the Slump - john franz/NJ
10/1/2007 1:59:51 PM (3124 views)
Re: End of the Slump - Alix Ott/MI
10/1/2007 3:07:31 PM (3015 views)

Fee Reductions Anger Abstractors, Examiners...Article from The Title Report - Jay Duncan/MO
9/26/2007 1:51:16 PM (3030 views)
Re: Fee Reductions Anger Abstractors, Examiners...Article from The Title Report - Kevin Ahern/CT
9/26/2007 2:07:48 PM (2977 views)
A little warped humor - Bobbi Shorthouse, Notary Public/CT
9/26/2007 2:53:48 PM (3275 views)
Re: A little warped humor - STEVE MEINECKE/VA
9/26/2007 4:42:53 PM (3347 views)
Re: Fee Reductions Anger Abstractors, Examiners...Article from The Title Report - mason haas/NY
9/28/2007 10:16:42 AM (3060 views)
Re: Fee Reductions Anger Abstractors, Examiners...Article from The Title Report - Jay Duncan/MO
9/28/2007 10:53:08 AM (3130 views)
Re: Fee Reductions Anger Abstractors, Examiners...Article from The Title Report - Kevin Ahern/CT
9/28/2007 11:12:52 AM (4841 views)
Re: Fee Reductions Anger Abstractors, Examiners...Article from The Title Report - Jay Duncan/MO
9/28/2007 11:46:19 AM (3280 views)
Re: Fee Reductions Anger Abstractors, Examiners...Article from The Title Report - mason haas/NY
9/28/2007 12:02:53 PM (3261 views)
Re: Fee Reductions Anger Abstractors, Examiners...Article from The Title Report - Kevin Ahern/CT
9/28/2007 12:42:08 PM (3344 views)

A little frustrated here this a.m. - David Chisolm/MS
9/26/2007 5:57:49 AM (2865 views)
Re: A little frustrated here this a.m. - Loretta Reed/MD
9/26/2007 8:47:19 AM (2891 views)
Re: A little frustrated here this a.m. - Kevin Ahern/CT
9/26/2007 10:24:02 AM (2919 views)
Re: A little frustrated here this a.m. - Scott Perry/PA
9/26/2007 10:19:34 AM (2880 views)
Re: A little frustrated here this a.m. - Robert Franco/OH
9/26/2007 10:51:45 AM (2908 views)
Re: A little frustrated here this a.m. - Scott Perry/PA
9/26/2007 11:14:10 AM (2953 views)
Re: A little frustrated here this a.m. - Kurt deVries/FL
9/26/2007 2:25:19 PM (3093 views)
Re: A little frustrated here this a.m. - David Chisolm/MS
9/26/2007 2:54:31 PM (3114 views)
Re: A little frustrated here this a.m. - David Chisolm/MS
9/26/2007 2:58:38 PM (3104 views)
Re: A little frustrated here this a.m. - Jay Duncan/MO
9/26/2007 3:23:33 PM (3188 views)
Re: A little frustrated here this a.m. - Wendi See/SC
9/26/2007 3:25:57 PM (2877 views)
Re: A little frustrated here this a.m. - Wendi See/SC
9/26/2007 3:40:52 PM (3022 views)
Re: A little frustrated here this a.m. - David Chisolm/MS
9/26/2007 5:01:35 PM (3019 views)
Re: A little frustrated here this a.m. - Wanda Steudel/OH
9/26/2007 5:59:51 PM (2975 views)
Re: A little frustrated here this a.m. - David Chisolm/MS
9/26/2007 8:43:00 PM (3053 views)
Re: A little frustrated here this a.m. - Kevin Ahern/CT
9/26/2007 7:31:23 PM (2960 views)
Re: A little frustrated here this a.m. - Loretta Reed/MD
9/26/2007 9:32:00 PM (2831 views)
Re: A little frustrated here this a.m. - Barbara Bennett/IN
9/26/2007 10:42:05 PM (2685 views)
Re: A little frustrated here this a.m. - Anita Backlund/MN
9/27/2007 2:35:27 PM (2762 views)
Re: A little frustrated here this a.m. - David Chisolm/MS
9/27/2007 8:28:50 PM (2791 views)
Re: A little frustrated here this a.m. - marilyn snyder/FL
9/28/2007 12:58:50 PM (3159 views)
Re: A little frustrated here this a.m. - Anita Backlund/MN
10/1/2007 10:16:35 PM (3251 views)
Re: A little frustrated here this a.m. - Joanie Hahr/VT
10/1/2007 5:06:36 PM (3242 views)

Gallows Humor? - Kevin Ahern/CT
9/25/2007 2:37:07 PM (5948 views)
Re: Gallows Humor? - Wanda Steudel/OH
9/25/2007 3:09:06 PM (2759 views)
Re: Gallows Humor? - Anita Backlund/MN
9/25/2007 6:00:13 PM (2830 views)
Re: Gallows Humor? - Vikki Moffitt/GA
10/4/2007 5:19:20 PM (2718 views)
Re: Gallows Humor? - Scott Perry/PA
10/4/2007 5:53:47 PM (2753 views)

Do Judgments always attach? - Thomas W/FL
9/25/2007 10:25:15 AM (2818 views)
Re: Do Judgments always attach? - Kevin Ahern/CT
9/25/2007 10:54:41 AM (3009 views)
Re: Do Judgments always attach? - STEVE MEINECKE/VA
9/25/2007 11:45:36 AM (2915 views)
Steve/Kevin - Thomas W/FL
9/25/2007 12:07:53 PM (2871 views)
Re: Steve/Kevin - Kevin Ahern/CT
9/25/2007 12:19:24 PM (3012 views)
Re: Steve/Kevin - Thomas W/FL
9/25/2007 1:17:13 PM (2904 views)
Re: Steve/Kevin - Wanda Steudel/OH
9/25/2007 3:02:44 PM (2989 views)
Re: Steve/Kevin - STEVE MEINECKE/VA
9/25/2007 3:04:03 PM (2970 views)
Re: Do Judgments always attach? - David Robertson/VA
9/25/2007 5:25:20 PM (2735 views)
You won't believe this... - Thomas W/FL
9/25/2007 5:33:13 PM (2868 views)
Re: You won't believe this... - Kevin Ahern/CT
9/25/2007 6:12:20 PM (2939 views)
Not really. In Connecticut we have two types of foreclosure. Strict foreclosure in which there is no owner equity in the property, and title is conveyed to the lender by a foreclosure certificate.

The second type is a foreclosure by sale in the event that there is owner equity in the property or if the federal government is a party to the foreclosure (i.e. IRS tax lien, etc.). In a foreclosure by sale a committee is is formed to sell the property at auction. A forsale sign is placed on the property, and a legal notice is placed in the local news paper. Prospective bidders are required to show up with a certified check in the amount specified in the legal notice. The successful bidder must produce the balance of the purchase price within 30 days. The unsuccessful bidders get their certified checks back. It is not unusual for the bank to wind up with title either in a strict foreclosure or a foreclosure by sale.


If there is significant owner equity in the property... the owner has some options. There are very few defenses to a mortgage foreclosure. However, the owner may request either a foreclosure by sale to see if he can get more than the mortgage amount and foreclosure expenses at the auction...or he can request a long law date (date of redemption) so that he can either refi the property or sell it on his own. I have been successful in doing this for clients several times with good results. Hopefully, a lawyer can get the property owner a one to two year extension on the law date which date requires the property owner to redeem or be stripped of title.
 

Of the two options the long law date is the better. At a foreclosure by sale
all the vultures show up hell bent on getting the property at the lowest possible price. If the bank is not happy with the bids...it can outbid them and take title to the property for a future sale.

The main problem at trial is establishing sufficient owner equity to justify the long law date. Most foreclosures do not go to a full trial in Connecticut, but rather through a hearing in damages after the Defendant is defaulted for failure to appear, failure to please or failure to disclose a defense. The lender is required to have an appraisal done to establish the value of the property for the court. Generally the lender tries to have as low an appraisal as possible in order not to delay the foreclosure. Normally the defense attorney has to take the appraiser apart on the witness stand to prove that his appraisal is no good. This is generally not difficult. Invariably the appraisers use the sales comparison approach to arrive at a valuation. Usually their comparable properties are not all that great. Next the Defendant has to put his own appraiser on the stand to show that there is more value in the property. The court will usually average the two appraisals, and split the difference. The result is that usually the Defendant can show that he has equity in the property , and he can request the long law date...really seems to piss off the lenders.

With the long law date option the owner can seek a new mortgage to pay off the expense of the foreclosing mortgage. However, his credit is bad, and in the current climate...refi may not be an option available to him. If he tries to sell, the title search will disclose the foreclosure, and prospective buyers will lowball the purchase price because they know he is a motivated seller. However, he probably will wind up better off than at a foreclosure by sale.to post a reply: login - or - register


Re: You won't believe this... - Thomas W/FL
9/25/2007 11:43:30 PM (2978 views)
Re: Do Judgments always attach? - David Chisolm/MS
9/26/2007 12:35:22 AM (2995 views)
Re: Do Judgments always attach? - David Chisolm/MS
9/26/2007 12:35:23 AM (2959 views)
Re: Do Judgments always attach? - Steph/RI
10/2/2007 9:42:58 AM (3138 views)
Abstractor Humor - Deborah Manion/VA
10/3/2007 11:22:06 AM (3137 views)
Re: Abstractor Humor - Kevin Ahern/CT
10/3/2007 12:42:19 PM (3246 views)
Re: Abstractor Humor - Patrick Scott/IL
10/3/2007 1:13:05 PM (3205 views)
Re: Abstractor Humor - Scott Perry/PA
10/3/2007 5:29:19 PM (3107 views)

Datatrace - Barbara Bennett/IN
9/24/2007 1:42:05 PM (2938 views)
Re: Datatrace - Seth Levine/MD
9/24/2007 5:27:11 PM (3290 views)
Re: Datatrace - Julie Jasiunas/WI
9/24/2007 5:41:54 PM (2903 views)
Re: Datatrace - Seth Levine/MD
9/24/2007 6:17:27 PM (2870 views)
Re: Datatrace - Amy Tatusko/VA
9/24/2007 7:47:46 PM (2924 views)
Re: Datatrace - KS/IN
9/24/2007 8:04:36 PM (3073 views)
Re: Datatrace - Barbara Bennett/IN
9/24/2007 10:40:11 PM (3195 views)
Re: Datatrace - Richard Palen/FL
9/26/2007 1:00:29 PM (2940 views)
Re: Datatrace - Seth Levine/MD
9/27/2007 2:45:46 PM (2832 views)
Re: Datatrace - Kim Hawkins/MI
10/1/2007 6:51:37 PM (3223 views)
Re: Datatrace - Robert Franco/OH
10/1/2007 8:05:32 PM (3314 views)

So ATM is Now Servicelink? - DS/NC
9/24/2007 1:10:32 PM (3143 views)
Re: So ATM is Now Servicelink? - PATRICIA PALMER-ILKO/PA
9/24/2007 1:20:56 PM (3316 views)
Re: So ATM is Now Servicelink? - DS/NC
9/24/2007 1:23:48 PM (3320 views)
Re: So ATM is Now Servicelink? - Jessica Talley/NJ
9/24/2007 5:35:24 PM (3041 views)
Re: So ATM is Now Servicelink? - Robert Breakell/CT
9/27/2007 8:34:05 AM (3016 views)
Re: So ATM is Now Servicelink? - Wanda Steudel/OH
9/27/2007 10:26:55 AM (3137 views)
Re: So ATM is Now Servicelink? - elizabeth reddy/FL
10/2/2007 9:34:38 AM (3124 views)
Re: So ATM is Now Servicelink? - george Hubka/MI
10/29/2007 8:18:20 AM (2842 views)

Lost another one, Nationstar - Amy Tatusko/VA
9/24/2007 12:52:13 PM (3302 views)

Equifax fee redux ???? - george Hubka/MI
9/21/2007 11:03:24 PM (2737 views)
Re: Equifax fee redux ???? - David Chisolm/MS
9/21/2007 11:33:50 PM (2995 views)
Re: Equifax fee redux ???? - Jon Lax/RI
9/24/2007 8:42:53 AM (2936 views)
Re: Equifax fee redux ???? - DS/NC
9/24/2007 1:49:35 PM (2761 views)
Re: Equifax fee redux ???? - george Hubka/MI
9/25/2007 2:45:30 AM (2830 views)


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