Got this in my E-mail today from Altisource and would like to get some feedback from you all. I was taught that if the porperty description on the mortgage does not match the deed it does not attach to the property and needs to be corrected. Now, it apears, they are going to foreclose on inaccurate property descriptions.
Legal Description Process Change We are making a change to the source of the legal description entered on the web portal. The new change will require the following:
• The legal description is taken from the Subject Mortgage and not the Vesting.
• Compare the Legal on the Subject Mortgage to the Vesting and notate your worksheet if there is a difference on the Vesting Deed. Please notate this difference on your worksheet.
• This change will take effect Monday April 23rd, 2012.
• All Search products will require this change.
Why the Change? In the past the legal description has been provided from the Vesting Deed. The Legal Description typed on the web portal is transferred on our Foreclosure Report for the Foreclosing Attorney. The Report is used by the Foreclosing Attorney to proceed with foreclosure on the property. The Foreclosing Attorney is limited to foreclosing upon the Legal description found on the Subject Mortgage. Foreclosing upon the Legal description on the Vesting rather than the Subject Mortgage makes the Foreclosure sale invalid if the Foreclosure report and Subject Mortgage Legal differ. For this reason, it has been determined this would be most beneficial to our Clients to provide the legal description that they are required to use to proceed with a valid Foreclosure. Illustration
Please email Trish.McCord@Altisource.com for clarification. Please include "Legal Description" in the subject line.
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