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Disclosures

CrossCountry Mortgage, Inc. is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. All loans subject to underwriting approval. Certain restrictions apply. Call for details. *Certificate of Eligibility required.

Title Insurance Q&A

Q: What is title insurance?
A: An insurance policy--protecting against loss should the condition of title to land be other than as insured.
 
Q: Why do I need title insurance?
A: When you buy a home, or any property for that matter, you expect to enjoy certain benefits from ownership. For
example, you expect to be able to occupy and use the property as you wish, to be free from debts or obligations
not created or agreed to by you, and to be able to freely sell or pledge your property as security for a loan. Title
insurance is designed to cover these rights you bargain for.
 
Q: What if I have a problem? Do I have to lose my property to make a claim?
A: Not at all. At the mere hint of a claim adverse to your title, you should contact your title insurer or the agent who
issued your policy. Title insurance includes coverage for legal expenses which may be necessary to investigate,
litigate or settle an adverse claim.
 
Q: What does this cost?
A: The cost varies, depending mainly on the value of your property. The important thing to remember is that you
only pay once, then the coverage continues in effect for so long as you have an interest in covered property. If you
should die, the coverage automatically continues for the benefit of your heirs. If you sell your property, giving
warranties of title to your buyer, your coverage continues. Likewise, if a buyer gives you a mortgage to finance a
purchase of covered property from you, your coverage continues to protect your security interest in the property.
 
Q: If my lender gets title insurance for its mortgage, why do I need a separate policy for myself?
A: The lender's policy covers only the amount of its loan, which is usually not the full property value. In the event of
an adverse claim, the lender would ordinarily not be concerned unless its loan became non-performing and the
claim threatened the lender's ability to foreclose and recover its principal and interest. And, in the event of a claim
there is no provision for payment of legal expenses for an uninsured party. When a loan policy is being issued, the
small additional expense of an owner's policy is a bargain.
 
Q: Can you be a little more specific about the types of claims, or risks, covered by title insurance?
A: Sure. First understand there are basically three different levels of coverage: Standard coverage, extended
coverage, and our most comprehensive "EAGLE Policy" coverage.
Standard coverage handles such risks as:

  • Forgery and impersonation;
  • Lack of competency, capacity or legal authority of a party;
  • Deed not joined in by a necessary party (co-owner, heir, spouse, corporate officer, or business partner);
  • Undisclosed (but recorded) prior mortgage or lien;
  • Undisclosed (but recorded) easement or use restriction;
  • Erroneous or inadequate legal descriptions;
  • Lack of a right of access; and
  • Deed not properly recorded 
CrossCountry Mortgage, Inc.
99 Rosewood Drive, Suite 225, Danvers, MA  01923
Office:  (978) 548-4467
Jeff@JeffPalermo.com
Copyright © 2017 Crosscountry Mortgage, Inc. NMLS:3029 MB.803095.000
Branch NMLS: 1401242. Branch State Licensing: Connecticut (Branch MCL-BCH-1401242, Corporate 21057), Florida (Branch MLDB3853, Corporate MLD806), Maine (Branch 1401242, Corporate SLM12094), Massachusetts (Branch ML3029, Corporate ML3029), New Hampshire (Branch 20365-MB-BCH, Corporate 16654-MB ), Rhode Island (Branch 20122884LL B03/20163277LB B03, Corporate 20122884LL/20163277LB), South Carolina (Branch MLB - 1401242, Corporate MLS-3029)

CrossCountry Mortgage, Inc. is a licensed mortgage lender in the Commonwealth of Massachusetts. Licensed by the New Hampshire Banking Department. Rhode Island Licensed Lender. This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties located in the state of New York will be accepted through this site.
NMLS3029 (www.nmlsconsumeraccess.org). To view all corporate licensing, please visit www.crosscountrymortgage.com/disclosures-licenses.
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