TITLE COMPANIES ARE NOT INFALLIBLE

Posted by Tom Martino at 1:07 pm 101 Comments Print

So many times we assume that title companies are somehow “sacred”. We just take for granted that they are also trustworthy. We often place earnest money with them or when refinancing trust them to pay off our old loans.

But here’s the rub: Title Companies are not perfect.

In fact, many consumers have gotten burned by trusting title companies. They are simply businesses – like any business. And if they get in trouble, they can go “belly-up”. They do have insurance coverage, but like with any coverage it may be difficult to file and collect on a claim.

The latest example of title company trouble is American Title Services and America’s Home Title run by a man named Richard Talley – who killed himself after an investigation for fraud was initiated.

If you lost money to this company, you can contact Neil Derr at the Colorado Division of Insurance for more information. His direct line is 303-894-2194 and his email is neil.derr@state.co.us

Neil said victims need to submit claims to the Title Underwriter: “Title Resources Guarantee”. They are the Title Insurer for America’s Home Title – which was the independent Title Agent. Derr can provide contact information for Title Resources Trust.

He says he has fielded a number complaints. He said Title Resources Guarantee should respond. If not, submit a complaint with the Division of Insurance.

LESSON HERE: NOT ALL TITLE COMPANIES ARE SOLID. SELECT COMPANIES BASED ON FINANCIAL STRENGTH, LONGEVITY, TRACK-RECORD, REFERENCES AND THEIR UNDER-LYING INSURANCE BACKING.

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