First American Title Company Gross Error

First American Title Company Gross Error

September 28, 2005

Ref... First American Title Company Policy Number: FA-ssssss Claim Number: CLssss Dear Sir: I was incompetently served and unfairly treated by First American Title. On March 21, 2001, I made a $35,000 Second Mortgage loan. The Title Insurance Commitment and the Title Insurance Policy showed no liens. Eventually, the mortgage defaulted and I was forced to foreclose. The title search revealed that the property had a superior IRS Tax Lien of $1,995,391.09... An outrageous oversight! My attorney made a claim and received a totally defensive response. The IRS lien became an impossible obstacle to recovering my loss. 1. If the property was sold at the First Mortgage foreclosure sale, I would receive none of the "overage" because it would go to IRS. 2. After I obtained title to the property by paying off the First Mortgage, no one (including First American Title Company) would issue title insurance so that I could sell the property. After months of difficulties and expenses, First American Title Company settled my claim for $3,500, which paid my attorney fees. Sincerely, James Longwood, FL 32779 Click this link to e-mail the message author: Email User