Originally Posted By: Chuck E
Title companies have changed underwriting on foreclosed homes. I know of a refinance that is being held up as the folks bought at the trustee's sale and didn't get title insurance.


That could prove to be a costly mistake. Rule #1 when buying a foreclsoure in this market is to absolutely be sure you can get a commitment on the title.

Without that, there is no way to prove the property is really yours.

In all likelyhood the previous owner will not show up years after being evicted and decide they want their home back. Since in most cases they will need to remedy the existing balance deficiency.

If the refi is something critical to continue ownership for the above mentioned scenario,......... they may be up poop crik with nothing but their bare hands for paddles.
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On a long enough timeline the survival rate for everyone drops to zero.