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What damages is bank entitled to after falling victim to fraudulent transactions?
Posted Date: Thursday, September 17, 2015
Acting as receiver for a bank, the Federal Deposit Insurance Corp. sued a national underwriter and others in connection with four fraudulent “flip” transactions. The title insurer moved for summary judgment, arguing that the FDIC’s damages are limited to the amount of the deficiency judgments that the bank obtained at foreclosure sales of the properties at issue. Read on for more details.
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Incarcerated policyholder sues underwriter for breach of contract
Posted Date: Tuesday, September 15, 2015
An incarcerated man filed suit against a title insurer, seeking damages from the underwriter for alleged insurance contract breaches relative to two pieces of property in Missouri. The U.S. District Court for the Eastern District of Missouri granted the underwriter summary judgment before the policyholder filed a motion for reconsideration. Read on for more details.
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Title insurer sues employee for stealing from escrow accounts
Posted Date: Tuesday, September 15, 2015
After investigating an escrow administrator’s actions, a title insurer discovered that the employee had stolen at least $1.6 million from various escrow files. It sued the employee and the companies and family members he placed the money with in an effort to get those funds back. Read on for more details.
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New officers set to lead NAIC
Posted Date: Monday, November 23, 2015
Members of the National Association of Insurance Commissioners elected their 2016 officers. Read on to find more about those assuming their positions Jan. 1, 2016.
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NAR warns agents about cybercrimes
Posted Date: Thursday, November 19, 2015
The National Association of Realtors warned members that real estate businesses, agents and their clients that they are fast becoming targets of sophisticated cyberscammers. Panelists at the Risk Management and License Law Forum at the 2015 Realtors Conference & Expo discussed those potential threats as well as tips for protecting themselves and their businesses. Read on for more details.
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What to expect next year
Posted Date: Monday, December 7, 2015
The year is coming to a close and everyone is wrapping things up and looking back on the year we’ve had. It’s also a time to look forward and make goals for the year ahead.
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Massachusetts law to bring clarity to third-party purchaser rights
Posted Date: Monday, December 7, 2015
For several years, Massachusetts has wrestled with balancing
the rights of persons wrongly foreclosed upon with those of third-party
purchasers who buy the property at a foreclosure sale. Cases such as Ibanez, Belelaqua, and Eaton have
become well known as lenders go through the foreclosure process, and when title
companies go to ensure the title to the property is free and clear of any liens
or encumbrances. In 2012, the Massachusetts legislature adopted a new law to
provide clarity to the real estate market and address the disquieting
foreclosure practices. However, there still was uncertainty for the real estate
industry. Now Gov. Charlie Baker has signed legislation to provide further
clarity to the industry and third-party purchasers they serve.
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Queens attorney arrested for escrow theft, forgery
Posted Date: Monday, November 23, 2015
Acting Nassau County District Attorney Madeline Singas announced that an attorney from Whitestone, Queens, N.Y., was arrested at his home by DA Investigators for stealing more than $470,000 by purloining a downpayment from a couple selling their home and fraudulently taking out a loan by falsely representing himself as a part owner of a corporation owned by his former mother-in-law.
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Homeowners seek case against title company after builder fraud
Posted Date: Monday, November 23, 2015
After the company building their home admitted to defrauding them and ran away with their construction funds, a Michigan couple sued their title company for negligence, alleging breach of fiduciary duty in disbursing the construction funds to the construction company. Read on to find out what happened when the case went before the Court of Appeals of Michigan on the title company’s motion for summary disposition.
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Couple sues real estate attorney after being sued for unjust enrichment
Posted Date: Thursday, November 19, 2015
When they sold property in Virginia, a couple used a real estate attorney to close the transaction. Later on, the buyers’ title agent sued them after being denied approval to construct a road on the easement to the subject property. The couple turned and filed a third-party against the attorney and his law firm for breach of contract. Read on for more details.
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Homeowners seek coverage for easement dispute
Posted Date: Thursday, November 19, 2015
After their neighbors sued them to prevent them from paving the easement onto their property, an Illinois couple sought defense from their underwriter in that action. When the title company refused, the couple filed suit. Read on for more details.
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Massachusetts businessman pleads guilty to short sale fraud
Posted Date: Thursday, November 19, 2015
Snippet: A Methuen, Mass., business executive pleaded guilty to participating in a conspiracy to defraud banks and mortgage companies by engaging in sham short sales of residential properties in the Merrimack Valley of Massachusetts.
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Attorney sues title agent for missed deed
Posted Date: Monday, November 16, 2015
After being sued by an underwriter for professional malpractice in rendering an opinion on the status of title to land related to a real estate closing, an attorney sued the title agent who provided the title examination of the property. Read on for more details.
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Florida couple sentenced for bank fraud
Posted Date: Monday, November 16, 2015
A couple who were convicted of bank fraud were sentenced to time in prison and ordered to pay more than $1 million in restitution to various banks and mortgage lenders. Read on for more details.
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Policyholder demands coverage of undisclosed agreement
Posted Date: Monday, November 16, 2015
After acquiring property in Asbury Park, N.J., a woman made an agreement with the other holders of the property to each hold a one-fifth interest in the property, but that she would hold the title to the property. She went back on that agreement, and the other parties sued. She then sued her title company after the company refused to handle her claim. Read on for more details.
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