Free Legal Question: Real Estate Law | California | RE - LawGuru.com

RE: tLM4RBneTN

To Mr. Timothy McCormick,

First off, I meant to write that I read online that there are 2 Title Loan Policies taken out on the loan (BOTH covered by the Borrower); One that would cover an issue occurring on the "Borrower's" end, in regards to the loan; And one that would cover an issue occurring on the "Lender's" end , in regards to the loan, but with BOTH policies with the Lender as the insured, so they can come out even to write-off the loss.

Now, IF there is ONLY ONE Title "Loan Policy" taken out by a Lender on the Loan PERIOD, then YES, I WAS confused about THIS.

But IF THAT'S the case, then HOW could the Lender come out even, if for some reason they couldn't turn to the property as "Collateral", then would have to rely solely on the ONE "Loan Policy"? Do they insure this ONE Policy for TWICE the amount of the loan?

Secondly, the other Insurance coverage I was referred to MYSELF, as "Post-Closing", was all of the "Basic" Insurance that a lender puts on a loan, NOT Title Insurance. For example, I read that Countrywide either took-out policies on the "Sub-Prime" Loans via Allstate, Syncora, MBIA, and other Insurers, OR that these particular companies were Investors on these Loans Countrywide KNEW would mainly be defaulted on, which is why several of them are currently suing Countrywide's successor-in-interest, BofA.

Finally, I did NOT mean to imply that there would be "third party beneficiary status conferred" SPECIFICALLY, but that the Loan Policies (at least the ones BEFORE the Loan crises hit) covers "Third Party" claims on behalf of the Lender, IF the Third Party can prove they have a valid claim on the Property OTHER than the Borrower.

IF I'm confused about these issues as WELL, then PLEASE FEEL FREE to enlighten me, it's WHY I'm asking-Thanks!!

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