insurance

Can title insurance save your home?

Will I be able to get title insurance?
Next
5 of 9
Back
Will I be able to get title insurance?

Homebuyers who purchase a foreclosure may or may not get title insurance. It varies on a case-by-case basis, says Michael Waiwood, president of EnTitle Insurance Co. in Independence, Ohio.

"It goes from A to Z, (as) far as the industry's position" on insuring foreclosures is concerned, Waiwood says.

"We're not saying no, but we're very cautious," he says.

Orlando Lucero, attorney and vice president of Stewart Title of Albuquerque, N.M., agrees.

"I think the companies are going to be looking at them much more closely," he says.

And, in many cases, it makes a difference if you're buying from a bank or on the courthouse steps. It also matters if you live in a judicial foreclosure area or a nonjudicial foreclosure area.

Another factor: Which institution foreclosed on the property? Did the owner have a lawyer? And is the institution willing to indemnify the title insurance company against any mistakes it made during foreclosure.

"Going forward, title insurance companies are going to be looking at banks to provide indemnification to the title insurance company," Lucero says.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us

Compare multiple quotes in just 6 minutes

Get competing rates from top companies including:
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jay MacDonald

Poll: We still don’t get Obamacare

A new poll shows we're still split on Obamacare and remain fuzzy on the details.  ... Read more

advertisement
Partner Center
advertisement

Connect with us