VPT has built a dedicated team to handle Default Services such as Deed In Lieu, Short Sales, Pre-Forclosures and REO deals for clients.
Pre-Foreclosure
We perform a
full 30 year title search (40 or 50 years in some states). We obtain copies of all Deeds in the title chain for that time period. We also pull a copy of all the Subdivision Covenants, Conditions and Restrictions. The TAT is 3-5 days.
Our Title Commitment will identify all liens affecting the property (superior and inferior) so Lender knows exactly what they are dealing with to help them decide which route to go. If there are valid superior liens we will work to clear those liens and/or file a claim on behalf of the insured.
Deed In Lieu
For these transactions we perform a full 30 year title search (40 or 50 years in some states). We obtain copies of all Deeds in the title chain for that time period. We also pull a copy of all the Subdivision Covenants, Conditions and Restrictions along with a copy of all recorded docs associated with the current foreclosure case, including the chain of assignments and the case docket. The TAT is 3-5 days.
Our Title Commitment will identify all superior and inferior lien so Lender knows exactly what they are dealing with to help them decide if the property qualifies for a Deed in Lieu. If there are superior liens we will work to clear those liens. If those liens are valid liens we will work with Lender to file a claim. If the Liens are junior to the client’s Mortgage we will negotiate a reduced payoff. Upon title clearance and approved lien negotiation we will coordinate the preparation and execution of the Deed in Lieu and Estoppel Affidavit. Then record the DIL and issue policy, if required.
Short Sale
For these transactions we perform a full 30 year title search (40 or 50 years in some states). We obtain copies of all Deeds in the title chain for that time period. We also pull a copy of all the Subdivision Covenants, Conditions and Restrictions along with a copy of all recorded docs associated with the current foreclosure case, including the chain of assignments and the case docket. The TAT is 3-5 days.
Our Title Commitment will identify all superior and inferior lien so Lender knows exactly what they are dealing with to help them decide if this property qualifies for a Short Sale. If there are superior liens we will work to clear those liens. If those liens a valid liens we will work with Lender to file a claim. If the Liens are junior to the client’s Mortgage we will negotiate a reduced payoff. Upon title clearance and receipt of Short Payoff Letter we will coordinate the closing with the seller and buyer.
REO
For these transactions we perform a full 30 year title search (40 or 50 years in some states). We obtain copies of all Deeds in the title chain for that time period. We also pull a copy of all the Subdivision Covenants, Conditions and Restrictions along with a copy of all recorded docs associated with the current foreclosure case, including the chain of assignments and the case docket. The TAT is 3-5 days.
Our Title Commitment will identify any issues that the foreclosure may have missed. If issues are identified we will work with the foreclosing Attorney to resolve. Upon title clearance we will coordinate the closing.
State laws regarding the role of attorneys in residential real estate closings vary. Vantage Point Title, Inc. does not provide legal services. To the extent that your state’s laws require that an attorney handle certain aspects of a real estate closing, we will not handle those services or otherwise engage in the unauthorized practice of law.
