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Maryland Real Estate Title Insurance : MD : DC : VA

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If I Am Refinancing, Do I Need Title Insurance in Maryland?

When you refinance, you’re obtaining a new loan, but it’s for the same property, so many people think that title insurance doesn’t come into play here. Actually, it’s very likely that you will need title insurance when you refinance. Most lenders require a new title search to be executed and a new Loan Policy in order to protect their investment in the property which is being refinanced.  There are issues that can come up with the title, such as a judgment placed on the property due to unpaid taxes or homeowner dues, which is why the lender will execute a new title search in order to keep abreast of any issues. However, you won’t need a new Owner’s Policy because this is good as long as you or any heirs have an interest in the property. Overall, the takeaway here is that yes, you do need title insurance when you refinance in Maryland.

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years of experience in the title and real estate law fields. Colony Title Associates handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

Source:

http://www.homeclosing101.org/whyneed.cfm

What Is The Importance of Credit Checks and Having Good Credit?

Currently, 79% of all credit reports contain at least one error. And of this 79%, one in four credit reports have an error big enough to keep you from obtaining a loan. So what does your credit score look like? Do you even know?

It is important to know your credit score and frequently obtain a credit report. This way to can fix any abnormalities or errors as they occur. Additional tips for maintaining a good credit score include:

  1. Review Your Credit Report: Look for incorrect information such as address, social security number, birth date, etc. This is especially important if you have a common name or if you are a Jr. or Sr.
  2. Credit Cards: It is a good idea to keep your credit card balances at less than 30% of your credit limit.
  3. Set up Payment Reminders: Making your credit payments on time is one of the biggest contributing factors to your credit score.
  4. Pay Bills on Time: Delinquent payments, even if only a few days late, can have a major negative impact on your credit score.
  5. Respond Quickly: If you are contacted by a collection agency, you have 30 days to resolve the problem or pay the bill before the blemish appears on your credit report.

If you have questions, the Maryland real estate insurance experts at Colony Title Associates can be reached by calling 410 884-1160 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

Sources:

Good Credit Important in Today’s Economy

Do I NEED Title Insurance?

Lender’s Title Insurance is required if you need a mortgage.

Owner’s Title Insurance is not required (though it is still a good idea).

Lender’s Title Insurance is required because mortgage lenders require a certain amount of protection (equal to the loan) in case a title defect arises. As with mortgage insurance, it protects the lender but you pay the premium, which is a single-payment made upfront.

Unfortunately, a lender’s title insurance policy does not cover you, the homeowner. But you do have an option…Owner’s Title Insurance. It is a one-time premium that protects YOU from any title claims that may arise, such as fraud, forgery and filing errors.

Remember, homes go through several ownership changes and, as a result, any number of things can go wrong. These potential title problems include:

•    A forged signature in transferring title

•    Other title defects

•    Fraud

•    Unpaid real estate taxes

•    Other various liens

•    And much, much more!

Title insurance covers the insured party for any claims and legal fees that arise out of such problems.

How Colony Title Associates Can Help

As agents for a number of title insurance underwriters, we can issue title insurance as well as provide you with the information necessary to educate your client on the value of Owner’s insurance.

If you have any questions, please contact the Maryland real estate insurance experts at Colony Title Associates by calling 410 884-1160 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

Sources:

Questions About Title Insurance

Preparing for Foreclosure

Foreclosures have spawned a new industry, due to the recent law changes now in effect in Maryland and other states.  In Maryland should a lender initiate a foreclosure proceeding, the lender must offer the defaulting borrower the right to mediate prior to going forward with the foreclosure sale.  The borrower upon receiving notice of the pending foreclosure sends in $50.00 (to cover the cost of the mediator), and the court designates a date and time for mediation.  Prior to the meeting, the borrower has to provide documentation to the lender’s representative including bank statements, a hardship letter, evidence the borrower still lives in the property, tax returns, a completed 4506 form and 710 form, as well as any other extenuating circumstances for the lender to consider.  Once the mediation representative has received all documents, the lender reviews the information and determines whether the borrower is a candidate for loan modification or other relief.  If the borrower is upside down, they are more likely to get a modification than if there is equity in the property.

The process before mediation and after the meeting can take up to 6 months.   If the lender agrees to modify, the borrower is given a new payment under terms the lender believes are in line with borrower’s income.  If no modification is allowed, the lender can go forward with the foreclosure.  The process is trying and the best advice I can give the borrower is document everything you do and keep copies.  The lenders appear to have a convenient “black hole” where all documents seem to end up.  In handling one recent mediation, our client had the papers sent to the lender on numerous occasions, only to be told that he had provided no information or communication and the lender was not inclined to grant a modification based on the borrower’s failure to respond.  Our best advice is to hire an attorney who handles these matters and brace yourself for a trying time.  We are happy to talk with anyone in this predicament and there are other agencies who also handle mediations.

We at Colony Title want to be your Title Company and real estate law firm. For additional information, please contact Tee Tillman at 410.884.1160 ext. 3007 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

Home Buying Tips

Interest rates are near an all-time low and the market is starting to show signs of life, giving homebuyers hope that NOW may be a good time to buy a home. But before you jump at the opportunity to begin house hunting, remember this: home buying is anything but an exact science. Still, there are more than a few tips and tricks that can help you finish on top.

Home Buying Tips

  1. Research the Community: Remember the old adage: location, location, location! Besides the obvious fact that you want to settle in a superb location, knowing the community can also help you in the negotiation process. What are comparable homes selling for? Are they receiving multiple offers? Are the selling for more or less than asking price? All of this information will help you make a realistic offer.
  2. Preapproved: Before you even think of making an offer, get preapproved for a mortgage. It puts you in a good bargaining position with the seller and lets you know what you can and cannot afford.
  3. The Negotiation: Be prepared to negotiate, not just the initial price, but after inspections are completed if items come up that you hadn’t anticipated.
  4.  Contingency Time Frames: Be sure to include realistic contingency time frames in your contract if you are applying for a mortgage.
  5. Title Insurance: If a previous owner perpetrated a fraud, committed a forgery or the clerk of the land records failed to record or recorded incorrectly, the purchaser is unprotected without owners title insurance. With the coverage, the title insurance company incurs the expense of determining the validity of a claim and defending against the claim. If there is a title defect, the title insurance company pays the claim so that the purchaser retains ownership without loss, or compensates the owner for any and all losses incurred as a result.

We at Colony Title want to be your Title Company and real estate law firm. For additional information, please contact Tee Tillman at 410.884.1160 ext. 3007 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

Sources:

8 things to know about buying a home today

Title Insurance Facts, From Your Maryland Title Insurance Agent

Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceable of mortgage liens. Title insurance is principally a product developed and sold in the United States as a result of an alleged comparative deficiency of the U.S. land records laws. It is meant to protect an owner’s or a lender’s financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853.  The vast majority of title insurance policies are written on land within the United States.

Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, leaser life estate.

Trust Colony Title Associates!

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

If you have questions, the Maryland real estate insurance experts at Colony Title Associates can be reached by calling 410 884-1160 or visit ColonyTitle.com today! Also reach us via Twitter

The Do’s and Don’t's of Title Insurance

Title insurance is like a game of chess, you have to make the right move in order to get checkmate.

To a great extent, securing property title insurance is an exercising a simple move in a chess game. Just as if you move your knight into the area of your opponent, title insurance companies refuse to insure properties with a history of legal uncertainties. Accordingly, the title examiner combs the records with an expert eye and identifies any potential problems, such as an unpaid tax assessment or a neighbor’s easement for right-of-way according to property right of way laws. The examiner then issues a preliminary report called a commitment, which lists these defects and informs you of any problems that the seller must correct prior to closing. If the company isn’t willing to cover a particular matter and the seller can’t or won’t correct it, you have a choice whether to live with the problem or bow out of the deal. If a title insurer refuses to write the policy at all, you can bet that the seller can’t give you good title.

That’s why it’s important to know not only what your title insurance will cover, but also what it won’t: what scenarios might arise in the future that would challenge your ownership of the property title deed. This chapter offers an introduction to titles, title insurance and various encumbrances that could endanger your ability to enjoy your home.

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

The Housing Market is Hot: Buyers Bounding on Real Estate

With headlines optimistically indicating that the housing market is making steady improvements, more and more potential homebuyers are feeling confident about investing in real estate, according to a poll conducted by Prudential Real Estate.

The survey indicated that almost 70% of those polled believed it was an optimal time to sign a Deed and acquire the keys to a new home.  Juxtaposed with a comparable poll held at the beginning of the year, that’s an increase of 6%, and a rise of 17% since last year, in 2011.

The poll further suggested that consumers understand that the phrase, “it’s a buyer’s market,” holds some validity, as 72% of them predicted that real estate costs would escalate over the course of the next two years.   This means that people are ready to act and they’re ready to act now: potential homebuyers know that it’s a suitable time to think about settling down in a permanent place.

Of course, that being said, many consumers don’t want to enter the world of residencies without a little help: about 74% saw a need to consult with a professional and reputable real estate agent to make the process run a little smoother.  At Colony Title, we agree: working with housing experts will help you obtain what you want within your budget.

Though the associates at Colony Title aren’t real estate agents, we are specialists in performing title searches and providing title insurance.  Here at Colony Title, once a search has been conducted, we prepare the title insurance commitment, the Deed, settlement sheet and in many cases loan documents. We conduct the closing, collect and disburse all funds to the appropriate parties, record all necessary documents including deeds, mortgages and mortgage releases in the appropriate jurisdictions. Once all documents have been recorded in the County, a final title policy is issued. 

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

Real Estate Tips: Refinancing your mortgage with Bad Credit

A common misconception that many borrowers have is that they cant refinance their home mortgage due to bad credit. Bad credit does impact the loan application process but you do have options. Once you know what your options are, you will be able to understand the long-term implications of refinancing your mortgage with bad credit.

Mortgage Tips

1.) Learn more about your credit.  It’s quite frustrating emphasize bad credit when you are trying to get a loan. However, credit does matter so learn more about it. Be able to understand your FICO aka “Credit Score” and learn about the number of factors related to it and of your past financial activity. A potential lender needs to assess your ability to repay a loan on time  and even though your credit score is a clear indication of that ability, the value of your home can allay your lender’s willingness in giving you a loan. Make sure you don’t fail on your mortgage payments or your lender can take your home.

2.) Find the right refinance lender. Though this may be a tricky task, it is doable. Do a thorough internet search, and you will be able to find several lenders with quotes. Effective online research can help you choose the type of lender you want to do business with. Remember to develop a list of several lenders, compare different interest rates and make sure they can work well with your budget. Know all of your options available to you and know about lenders who work with sub-prime loans.

 

3.) Know about the after effects  of refinancing your loan. Once you know your options for taking out a refinance loan, you will be better off. Since you may have bad credit, you may be forced to pay less than ideal interest rates. Nonetheless, refinancing your mortgage can still be beneficial. In-spite of paying a higher interest rate, you will have lower monthly payments. The term of your refinance loan will be longer than what remained on your original mortgage. In short, the process of refinancing your mortgage can help you improve your credit in the long run. Lowered monthly payments will help you save up more cash for other bills


 

Once you have re payed your refinanced mortgage, you can refinance again for a lower interest rate.  It won’t be long until your bad credit will be a thing of the past.With all these tips at hand, you will have a better chance at refinancing your mortgage with bad credit.

If you have questions, the Maryland real estate insurance experts at Colony Title Associates can be reached by calling 410 884-1160 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

Sources:

Tips for refinancing your mortgage with bad credit

Climate Change Affects Real Estate:: Real Estate Tips

Most people don’t realize that the price of most properties can fluctuate as much as your area’s climate change. It’s important to be aware of this since climate change can also have an adverse affect on your ROI. Here are some tips on assessing climate change.

Climate Change Affects Real Estate
  • Buyers are Affected: Before you purchase any property, consider the effects of climate change in the area. Climate change can make or break your ROI on your property. This is especially important if you are considering selling it at a much higher price.
  • Climate Change in Area: Before you buy property, carefully check the effects of climate change in your area. Even though there is a cost factor in doing this, this will ensure you get a better return from your investment.
  • Sellers are Affected:  Before you sell any real estate property, make sure you are aware of the effects of climate change in your area. Make sure the buyer is aware of different things that could happen if they buy property in certain area. It’s best to build a great relationship with your client when it comes to informing them fully about their potential purchase. 
  • Adapt Property to Climate Change: It’s highly advised to renovate your home as a way to make it adaptive to climate change. By doing so,  you will not only increase it’s overall value but you also don’t have to spend hundreds of thousands of dollars to do this. In short, it’s a great investment with a powerful return.

If you have questions, the Maryland real estate insurance experts at Colony Title Associates can be reached by calling 410 884-1160 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

Sources:

How Does Climate Change Affect Real Estate