I found an interesting quote in the 2012 State of the Industry Report put out by October Research and The Title Report.
“You could see title agents become debt negotiation firms,” Miller said. “They can actually delegate authority at certain levels to do resolutions to get deed in lieu transactions consummated on behalf of lenders or servicers. They’re actually allowed to go to certain levels to pay off seconds and all sorts of things.”
Interesting! Title companies and their agents could help consumate a deed in lieu transaction. The article goes on to point out other niches title companies could go after to help us get out of the distressed property and foreclosure mess.
What's your opinion? Is this part of the mandate of a title company, or just a novel idea?
Whatevever your opinion on the topic, DataQuick can help you identify properties in any form of distress - bank owned, recent short-sale, notice of default, notice of sale at auction (NOT). And, soon, DataQuick property research products will provide insight into lis pendens and deed in lieu of trust.
Please post your opinions, and thanks for reading our blog!