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Woman in Texas may lose home over $2000
A story appeared in the Tuesday, June 10, 2008 edition of The Dallas Morning News (see link below) about a woman that might lose her home – simply because she didn’t have title insurance. It seems that the woman, Maria Gutierrez, was purchasing her home in installments from its current owner, and a 20 year old lien against the property showed up. The woman and her disabled daughter could face eviction as the home is foreclosed on- and a simple title insurance policy would have kept this all from happening. This isn’t an isolated event – several times a year, each major newspaper runs a story about an individual or family at risk of losing their home through no fault of their own. Sometimes they’ve been victims of fraud, other times, like in Mrs. Gutierrez’s case, it was something that happened long before she purchased the property, but is just now coming to light. And in many of the cases, the homeowners had decided when they purchased their new home to forgo buying title insurance. Title insurance may not seem like a necessary expense when considering the many other fees and charges you incur when buying a new home. In addition to the fees to your lender, there are inspection fees, various documentation fees, charges from your realtor, and many fees you’ve never heard of – it’s enough to make your head spin. Then you add on moving expenses, any repairs to your new home, and the cost of painting, decorating, and furnishing your new house- suddenly everyone wants to dip their hands in your wallet. Mrs. Gutierrez could lose her home over a $2000 bill that is owed to the city, but a title insurance policy that would have cost less than $1000 would have protected her from such a loss. Title insurance isn’t that expensive when you consider that you could lose your home – it ranges from $3.50 to $3.75 per $1000 of the property value. Do yourself a favor – when your purchase your next home, make sure you buy title insurance. You’ll sleep better knowing that you did!
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Contributor's Note
This woman may lose her house - make sure your protect yourself to keep this from happening!
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http://www.dallasnews.com/sharedcontent/dws/dn/localnews/columnists/jfloyd/stories/061108dnmetfloyd.36c7777.html
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