- Report: #651883
Complaint Review: First American Title Company Inc. - Aiea Hawaii
Reported By:
informedconsumer -
, , United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
First American Title Company Inc.
98-1005 Moanalua Road, Suite #841 Aiea, 96701 Hawaii, United States of America
Phone:
Web:
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First American Title Company, Inc. Inserted Very Unreasonable Exceptions in Preliminary Title Insurance for REO Foreclosure Aiea, Hawaii
First American Title Company inserted language into their Preliminary Title Insurance for a Real Estate Owned (REO) foreclosure. In the "exceptions" (to coverage) section, FirstAm inserted the paragraph "The initiation of any governmental, court or other proceeding by any borrower, mortgagor, creditor or other person(s) challenging the foreclosure process establishing the interest insured herein."
This clause would basically void their responsibility to insure the title should any previous issue with the foreclosure process arise. Fortunately I caught the language, marked it out, and requested an amended title insurance document, which I subsequently received.
Homebuyers of foreclosures beware! Read your title insurance, and mark out provisions that favor the title insurer in the event of legal challenges to the foreclosure process.
