Ask Nick – Service of Judgments against Heirs

Q: There are numerous judgments against the heirs of our debtor which predate the date of Loan Policy. Title is vested in the heirs on the date of death of the debtor, which is subsequent to the loan policy.  Thus, I anticipate that a claim for the judgments will be denied. I would like to name all of the judgment creditors in the foreclosure action, including the creditors whose liens were docketed prior to the client’s mortgage, using the argument that the judgments attached to this property after the mortgage lien. Can you please advise?   A: Any claim on the judgments of the heirs would be denied as they attached to the property after the Loan Policy was issued. The judgments of the heirs would attach to the property after the date of the debtor’s death. In the same manner of a Purchase Money Mortgage, the (heirs’) prior judgments attached after the mortgage was made, giving the mortgage priority over the judgments. Therefore, you can service the creditors of the prior judgments, asserting priority of your mortgage over the prior judgments against the heirs, which attached to the property after the mortgage was executed. 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 – Costume Drive

The month of October brings brightly colored falling leaves, pumpkin everything, and most importantly, Halloween! Halloween is the one day a year when dressing up as your favorite superhero or Pokémon is encouraged and we can let our imaginations take over. Not to mention the haunted houses and the candy! Unfortunately, children living in shelters do not have much, and often do not have the funds to take part in Halloween festivities. This month, Fortune Cares partnered with Jersey Cares to help children living in shelters celebrate Halloween by donating Halloween costumes. Jersey Cares is a non-profit organization with ongoing opportunities for volunteering and involvement throughout the state of New Jersey, and an affiliate of the Hands on Network, an innovative alliance of volunteer catalysts throughout the world. Every year, Jersey Cares collects new and gently used costumes, enabling children living in NJ shelters to take part in one of the most fun childhood rites of passage, Halloween. We were able to collect over 20 costumes to donate to Jersey Cares, and we are so happy to be able to contribute to this...

Fortune Fact

At Fortune Title, we love our trade associations, plain and simple. The American Land Title Association (ALTA), the New Jersey Land Title Association (NJLTA), and the Pennsylvania Land Title Association (PLTA), are not only resources for extensive industry information and education, they are also extended families of our small agency. We see tremendous value in getting involved in the title industry beyond our four walls, so that we can truly best serve the consumer and all other professionals that work in real estate. As you may have read, Fortune Title CEO Nicole Plath attends every convention for these organizations, and has really made a name for herself and for our agency in the industry. Nicole serves on the Best Practices Executive Committee, the Homebuyers Outreach Program Committee for ALTA, and was recently nominated and voted in for a three-year term on the Agency and Abstractors Executive Committee for ALTA. This is an incredible honor, bestowed on a handful of agents throughout the nation. She has served on expert panels imparting her wisdom to the masses on ALTA Best Practices, Internal Best Practices Assessment, The TILA-RESPA Integrated Disclosure Rule (aka TRID), Transitioning to a Paperless Office, Financial Statements, and Compliance as a Culture. Nicole also serves as Secretary for the NJLTA Agency Section, is the Editor in Chief of The Advocate, NJLTA’s quarterly trade publication, and serves on the Finance and Strategy Committee for the PLTA. Taking any opportunity for education, in addition to Nicole, Fortune Title President Nick Timpanaro, and Business Development Manager Jon Timpanaro also attend industry conventions when their schedules permit, and Jon has been involved in...

Noteworthy – Closing Time: 6 Steps Every Homebuyer Should Expect

Last month, we ran through the FAQs of title insurance for homebuyers. It is in the best interest of all professionals in our industry to understand the value of title insurance, so we can best serve the consumer. The next thing we can do to support homebuyers is to understand the closing process. Continue reading to become more familiar with what to expect at Closing Time. Get owner’s title insurance and buy your home with confidence Your long home-buying journey is almost over. You found the home you love, the seller agreed to your offer and now it’s time for closing. Of course, there’s a lot to think about right now, and the last thing you want is something­ to go wrong. So make sure you work with an experienced closing agent to help ensure the details come together and everything runs smoothly. As soon as the seller accepts your offer, the behind-the-scenes work begins. You can expect closing to happen within 30 to 90 days. 1.   Select a Closing Agent If you are working with a real estate agent, with your permission, he or she may place an order with a closing agent as soon as your sales contract is accepted. The closing agent can be a title company, an escrow company or a settlement company. Most homebuyers rely on their real estate agent to select a closing agent—someone they work with regularly and know to be professional, reliable and efficient. However, you can choose your own closing agent if you wish. The closing agent will oversee the closing process and make sure everything happens in the right...

Fortune Cares – North NJ Team Hope Walk for Huntington’s Disease

For the month of September, Fortune Cares focused our attention on Huntington’s Disease. Huntington’s disease is a fatal genetic disorder that causes the progressive breakdown of nerve cells in the brain. It deteriorates a person’s physical and mental abilities during their prime working years and has no cure. Many describe the symptoms of HD as having ALS, Parkinson’s and Alzheimer’s simultaneously. This cause is one that hits very close to home for one of us here at Fortune Title, so we decided to donate our time as well as money. On October 1 at 11am, Fortune employees will be participating in the Northern New Jersey Team Hope Walk to raise as much money as possible to help those living with this incurable illness. The Walk is sponsored by the Huntington’s Disease Society of America. Click here to learn more about this organization and the event. The event details are also pasted below. We hope to see some of you there! Where: Roosevelt Park, Edison, NJ Date:  10/1/16 Time: 9am-3pm Check in...