• Report: #651883
Complaint Review:

First American Title Company, Inc.

  • Submitted: Sun, October 17, 2010
  • Updated: Sun, October 17, 2010

  • Reported By: informedconsumer — United States of America
First American Title Company, Inc.
98-1005 Moanalua Road, Suite #841 Aiea, Hawaii United States of America

First American Title Company, Inc. Inserted Very Unreasonable Exceptions in Preliminary Title Insurance for REO Foreclosure Aiea, Hawaii

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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.

This report was posted on Ripoff Report on 10/17/2010 12:21 AM and is a permanent record located here: http://www.ripoffreport.com/reports/first-american-title-company-inc/aiea-hawaii-96701/first-american-title-company-inc-inserted-very-unreasonable-exceptions-in-preliminary-t-651883. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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