Canada.com has a good article discussing the importance of title insurance. Even though it takes place in Canada it shows how important title insurance is and how it can save homeowners thousands if they encounter problems. It is a cautionary tale and even though US and Canadian laws are different title insurance is very similar. It can protect homeowners from issues related to fraud. While this happened in Canada the same situation plays itself out in the US all the time.
A limited investment can save you money down the road
The situation explored by Canada.com is one of fraud. In the article Norman Gettel basically had his house stolen. Someone fraudulently took over possession of his home and he did not realize it until it was too late. When he finally found out he had to contract a lawyer and attempt to fight it. This has ended up costing him $10,000 so far. Even so he may still end up losing his home or paying more to keep it. If he would have had title insurance he would have been protected from this situation.
Title insurance is a small up-front investment for a lifetime of protection
This issue once again shows the importance of title insurance. A relatively small up-front out of pocket expense could have saved Mr. Gettel upwards of $10,000 and a lot of headaches. By purchasing title insurance when he bought his home he would have been protected from the fraudulent purchase of his home while he owned it. Many people complain about the cost of title insurance but that cost is outweighed by the peace of mind and protection it provides. At myClosingSPACE.com we try to provide the best of both worlds, the lowest price for the best protection so you can avoid these issues without paying too much.
Thursday, July 03, 2008
Title Insurance: It's not just for the US
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Canada, forget about title insurance--they do everything to not pay. We were led astray by the insurance company. Now we know the bank committed the fraud. Truly a good dirty trick!!!! Where is our protection title insurance?? Bank stole our home title, contents were taken without our knowledge and put in AMJ CAMPBELL VANLINES AND KMS ROYAL VANLINES IN ANOTHER CIBC BANK CUSTOMER'S NAME. Our belongings from confidential identification, birth certificates, to passports, to tax documents to photos, videos that are really private, to entire home contents STOLEN!!!!!
We had title insurance in 2006 and the company altered the policy to allow for a fraudulent CIBC President's choice financial PCF bank, Amicus bank mortgage. Then the company did everything to not pay. Now we also know the company and the bank hid the fact that dirty tricks were used--ghost lawyer http://en.wikipedia.org/wiki/Ghost_lawyer
Ghost lawyer was put on paper, affidavits by CIBC to commit fraud -- to make the judgment easier for the bank to steal our home in the courts / legally. We never knew about the court date or the ghost lawyer till much later. We had no idea how the bank took our home-- we were shocked.
Now CIBC bank stole our home and all contents of our home. CIBC bastards kicked us out of home knowing our child was ill (they didn't have our child on paper either. We know it was to make it easier for judge to allow eviction.) We were homeless and believed in justice, we paid a lawyer in July 2007 to put an emergency injunction to protect us and our belongings--he was amazed the bank could pull nasty tricks and get away. We then saw a different side of him after he got money...the bank and he worked it out so that by Dec 2007 we didn't get anywhere (lots of court date registered but no action) We then found out the trust we put in this lawyer and the money he had in his hands were paid out to the bank instead of being held by the courts.
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