In my Escrow Tip #9 I talked briefly about letting the right person know when the loan you are paying off in your refinance or sale transaction is sold to another lender or servicer. I want to highlight this again because it happens time and again during this period of refinance craziness. Let us know … Read more
Selling or refinancing your property? You know you will need to provide the right payoff information to the right person at the right time. This Escrow tip is all about what happens when these “Rights” do not happen and it becomes one big “Wrong”!
What single event can cause an unintended delay to your escrow transaction? How about a name change or correction? Nothing major, you think, just adding or taking out a person’s name, or correcting the spelling, This happens more often than you think, and this change in vital information can cause additional paperwork and, more important, … Read more
What is the purpose of setting up a Trust? It is a method of financial planning to take care of our assets the way we want them to be taken care of should we pass away. For others with a young family there is also the designation of financial and physical caregivers for young children. … Read more
How does a forbearance affect the Escrow Officer? Why does it concern us or make us nervous when we have one in a transaction? In fact, what is a forbearance? We have seen much of this topic as it became a sidebar in the early days of 2020 pandemic.
An Escrow Officer may not be always available to sign up clients and do their documents notarizations. During such times we may employ a mobile Notary. A good Mobile Notary is very important to the Escrow Officer. They are part of our team and our direct contact with our clients. I’d like to talk about … Read more
In my Escrow Tips section I offered a story called “ Unintentional contract fraud” – Tip #12. Regretfully, we have a much more serious incident to changes made to documents without parties’ knowledge that led to litigation. That is INTENTIONAL document fraud and consequences were much more serious.
Has this ever happened to you? Your buyer submitted their offer and the seller accepted it, then the seller made changes on the original contract over the buyer signature. Yep. That’s what happened in one of our files. And neither agent caught it. Is that contract even valid? Listen up and you will hear of … Read more
From time to time we will be cc’d on an email from a lender or a real estate agent that says, Congratulations! Your loan has funded and you are now the proud owner of the property! Not true! There is a difference between funding, closing and possession and I would like to clarify the 3 … Read more
Freeze! Okay, so this is not a cop and robbers show. But this is what we ask when we see that a transaction has a credit line that has to be paid off. There are many cases of clients continuing to use that credit line while we are trying to make the payoff. So, freeze! … Read more