We provide uninsured title searches that meet Fannie Mae's mortgage servicing loan requirements during foreclosure. An initial title report and subsequent title updates must confirm property title and identify all recorded liens & encumbrances clouding title.
Per Fannie Mae, "foreclosure-related title costs must be kept at a minimum and in compliance with Fannie Mae maximum allowable title costs."
Maximum foreclosure title research-related costs are as stated:
- an initial two-owner title report dating back to the deed prior to the mortgagor's; an uninsured title search without charges for insurance or guarantees.
- up to 3 title updates to the initial two-owner title search required and necessary to complete the foreclosure sale.
- a summary and complete copies of all abstracted documents.
Two-Owner Searches
Our two owner searches provide the same research as the above current search, but researches further back... to the prior owner (current owner + prior owner). A common usage for this report is for bank-owned property. You'll want your title search look back for encumbrances and other potential clouds on title due to the prior owner foreclosed upon rather than just the current owner (financial institution).
The residential variant includes a copy of the current deed, along with pertinent page copies of all encumbrances listed in the abstract (mortgages, liens, judgments, etc). Whereas the commercial variant provides the same, but includes full copies of encumbrances, in which the purchaser is responsible for all copy fees incurred.
Title updates are $125.00 for residential properties and $175.00 for commercial.