MI Underwriting References - Revision history

Neilnarut: /* Condominiums, Homeowners’ Associations and Common Interest Developments */

2021-10-05T12:14:02Z

‎Condominiums, Homeowners’ Associations and Common Interest Developments

Neilnarut: /* Process to Examine */

2021-09-08T15:30:44Z

‎Process to Examine

Neilnarut: /* Entities */

2021-08-30T14:38:19Z

‎Entities

Neilnarut: /* Incompetents & Minors */

2021-06-30T12:21:45Z

‎Incompetents & Minors

Neilnarut: /* MICHIGAN UNIFORM TRANSFERS TO MINORS ACT Act 433 of 1998 */

2021-06-30T12:20:33Z

‎MICHIGAN UNIFORM TRANSFERS TO MINORS ACT Act 433 of 1998

Neilnarut: /* Guardianship, Conservatorships and Other Protective Proceedings */

2021-06-30T12:19:21Z

‎Guardianship, Conservatorships and Other Protective Proceedings

Neilnarut: /* Future Advance Mortgages */

2021-06-25T11:51:41Z

‎Future Advance Mortgages

Neilnarut: /* Mutual Indemnification Agreement */

2021-06-25T11:51:13Z

‎Mutual Indemnification Agreement

Neilnarut: /* Mortgages & Deeds of Trust */

2021-06-25T11:50:40Z

‎Mortgages & Deeds of Trust

Neilnarut: /* Future Advance Mortgages */

2021-06-25T11:49:38Z

‎Future Advance Mortgages

@@ Line 20: / Line 20: @@
 ==Community and Separate Real Property==
 ==Condominiums, Homeowners’ Associations and Common Interest Developments==
 ==Construction Liens==
 ==Contracts for Sale==

← Older revision		Revision as of 15:30, 8 September 2021
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	So, first, how do we know that every necessary T was crossed and I was dotted, when underwriting this tax title acquisition? We REQUIRE evidence of actual, signed-for receipt of (constitutional) notice, provided to ALL interested parties, for the final hearing prior to the foreclosure. This is seldom accomplished. Instead, the company hired by the county for doing the noticing typically issues a form indicating that the notices were “delivered”. That is not good enough without seeing evidence of it being signed for (return receipt) OR by an affidavit of personal service. This rule applies to a $1,000 sale or a $100,000 sale. (Needless to say, this is not business we chase and we are typically NOT willing to argue about this! We CAN choose not to insure.)		So, first, how do we know that every necessary T was crossed and I was dotted, when underwriting this tax title acquisition? We REQUIRE evidence of actual, signed-for receipt of (constitutional) notice, provided to ALL interested parties, for the final hearing prior to the foreclosure. This is seldom accomplished. Instead, the company hired by the county for doing the noticing typically issues a form indicating that the notices were “delivered”. That is not good enough without seeing evidence of it being signed for (return receipt) OR by an affidavit of personal service. This rule applies to a $1,000 sale or a $100,000 sale. (Needless to say, this is not business we chase and we are typically NOT willing to argue about this! We CAN choose not to insure.)
		+
		+	===Post Proceeding Deed or QTA===
		+
		+	In general, when a property is purchased on tax sale in Michigan via a Quit Claim deed from the county treasurer only the tax interest in the property is conveyed to the tax sale purchaser. The ownership interest in the property remains vested in the original owner.
		+
		+	We cannot insure a property purchased on tax sale unless the owner of the tax interest has also obtained the ownership interest, giving them fee simple title to the property.
		+
		+	In order for the owner of the tax interest to obtain that ownership interest (to our satisfaction to insure), we need one of two things:
		+
		+	1. Deed from the prior owner.
		+	2. An Order Quieting Title to the tax sale purchaser with all parties properly noticed.
		+
		+	====Owner Has Owner's Policy====
		+
		+	IF the purchaser from the Land Bank happened to have received an Owner’s Policy from a reputable title source (the underwriter being a signor to the Michigan Indemnification Agreement), and there is not a considerable disparity between the liability amount of that policy compared to the new sale price (or mortgage amount, in the case of a refi), I might rely upon that. But, that is a long shot. In my experience, not many Ops issued, when the Detroit Land Bank sells a property. Hope that helps (better late than never?).

	==Taxes And Assessments==		==Taxes And Assessments==

@@ Line 78: / Line 78: @@
 ==Eminent Domain==
 ==Entities==
 ==Escrows==
 ==Estates of Decedents==

@@ Line 98: / Line 98: @@
 ==Identity of Persons==
 ==Incompetents & Minors==
 ==Indian Titles==
 ==Judgments and Liens==

@@ Line 91: / Line 91: @@
 ==Generally==
 ==Guardianship, Conservatorships and Other Protective Proceedings==
 ==Homestead   ==
 FOR MORTGAGES - MORE JOINDER ISSUE

@@ Line 166: / Line 166: @@
 ===Future Advance Mortgages===
-Future Advance mortgages are not covered under the Mutual Indemnification so simply having the current owner’s policy is not enough to remove it.  You would need to request a hard indemnity from the underwriter on the current owner’s policy.===
+Future Advance mortgages are not covered under the Mutual Indemnification so simply having the current owner’s policy is not enough to remove it.  You would need to request a hard indemnity from the underwriter on the current owner’s policy.
 ==New Construction Underwriting==

@@ Line 163: / Line 163: @@
-===Mutual Indemnification Agreement===
+==Mutual Indemnification Agreement==
-====Future Advance Mortgages
+===Future Advance Mortgages
-Future Advance mortgages are not covered under the Mutual Indemnification so simply having the current owner’s policy is not enough to remove it.  You would need to request a hard indemnity from the underwriter on the current owner’s policy.====
+Future Advance mortgages are not covered under the Mutual Indemnification so simply having the current owner’s policy is not enough to remove it.  You would need to request a hard indemnity from the underwriter on the current owner’s policy.===
 ==New Construction Underwriting==