Ask Nick – Foreclosure with no Lis Pendens

Q: What would be the ramifications of completing a foreclosure action up to judgment without having filed a Lis Pendens? Is it possible to file a Lis Pendens prior to a foreclosure sale as the first Lis Pendens in the action? A: Yes, you can file prior to sale. Going to Sheriff’s Sale without filing the Lis Pendens means that no notice of the pending foreclosure action was given to the public except for the newspaper publication. This is acceptable as long as there are no judgments on the property whose creditors needed to be noticed, as these judgments would no longer be cut off by the Lis Pendens. If there are judgments that would have been cut off by a recorded Lis Pendens, then those judgments will not be divested by the foreclosure action.   Under no circumstances is Fortune Title Agency, Inc. or any of its employees giving any legal advice.  The Ask Nick Q’s and A’s are based on situations that the company has experienced and is sharing with the public for informational purposes only.  Always contact your attorney for any legal...

Fortune Cares – Kindergarten Kindness Follow up

As you know for the month of February, Fortune Cares donated supplies to a kindergarten class. The class and teachers were so happy and appreciative, they sent us a handmade thank-you book and a boatload of pictures that we feel we need to share with everyone. It means so much to see the huge smiles and know we’ve had an impact! See a few pictures below and click the link to see the...

Ask Nick- PMM & Marital Interest

Q: We are foreclosing on a purchase money mortgage.  The deed and mortgage are only in the name of the wife, Mrs. Flowers.  The prior foreclosure firm joined a fictitious spouse, and when the process server went out to serve the summons and complaint, same was personally served on Mr. Flowers (Mrs. Flower’s husband).  He also accepted service on behalf of Mrs. Flowers. Can you please advise if the marital interest of Mr. Flowers is subordinate due to the fact that this is a purchase money mortgage, even though this is their primary residence? A: As the mortgage is a purchase money mortgage, it has priority over the marital status of the borrower’s husband. He is being served to extinguish that marital interest in the property, being that the property is the primary marital residence.   Under no circumstances is Fortune Title Agency, Inc. or any of its employees giving any legal advice.  The Ask Nick Q’s and A’s are based on situations that the company has experienced and is sharing with the public for informational purposes only.  Always contact your attorney for any legal...

Noteworthy – Why 20% of Homebuyers May Not Sleep Tonight 

Each year, approximately 20% of homebuyers fail to protect themselves by not getting owner’s title insurance. Unfortunately, this leaves them exposed to serious financial risk—causing endless worry and regret. If you’re thinking of buying a home, here’s what you need to know to protect yourself and your property rights, so you can rest assured once you’ve purchased your home. Looking For Potential Threats During the home-closing process, your title professional will help transition the home from the seller to you, the homebuyer, by examining public records. Generally, if a problem is discovered, the title professional works to resolve them before you purchase the home. However, even after a title search is performed and you purchase your home, problems could arise that threaten your ownership rights. Examples include: Undiscovered tax liens Forged signatures in the chain of title Recording errors Undisclosed easements Title claims by missing heirs* or ex-spouses Getting owner’s title insurance protects your property rights from threats like these. Here’s a real-life example of how it works. True Story A family in Missouri unknowingly purchased their home from a seller who had taken out a separate $419,000 loan on the property. But this fact was not discovered during the closing process, and the family’s lender paid the seller directly instead of paying off the existing loan. Soon, the family faced foreclosure because someone else had claim against their title. Fortunately, the family had owner’s title insurance. So the title company paid the debt and the family kept their home—and peace of mind. This story has a positive ending, but without owner’s title insurance, the family could have faced...

Fortune Cares – Kindergarten Kindness

For the month of February, Fortune Cares learned of a kindergarten class in need of supplies. We requested a list from the teacher and all of the employees of Fortune chipped in to purchase everything that was on the list consisting of all colors of construction paper, glue sticks, colored pencils, fat markers, fat pencils, fat crayons (fat meaning easy to grip for small hands), cotton balls, balls, jump ropes, hula hoops, sidewalk chalk, bubbles, paper plates, napkins, Lysol or Clorox clean up wipes, and Lysol spray.  We also purchased some additional items that we felt a class of little people would need (such as first aid supplies). We will be delivering the supplies to the class this week.  We are excited for this opportunity to directly support a class of young minds. As we have done before, we have also continued to “Pay It Forward.” A few examples for this month are listed below: One employee paid the extra money that a mother was short for her groceries. Another employee donated blood. Another employee volunteered at a soup kitchen. We will continue to “Pay It Forward” throughout the year and list share our examples in future...