State Legislatures have recently proposed legislation to protect homeowners from the considerable risks associated with defective titles and mortgage fraud. While this legislation has little hope of passing, thousands of homeowners continue to lose tens of thousands of dollars due to defective property titles. That's why I founded National Homestead, a Wellesley Hills, MA start-up that offers the first-of-its kind title protection guarantee to homeowners throughout the United States.
WELLESLEY HILLS, MA (PRWEB) December 9, 2004 -- Defective property titles may result in serious headaches for homeowners — thousands of dollars in legal fees, losing the right to refinance a home, or worse yet, being unable to sell a home altogether. To address the growing problem of defective property titles, National Homestead, a pioneer in the title protection services industry, is offering the first-of-its-kind title protection guarantee to homeowners in the United States.
Many homeowners mistakenly believe that title insurance fully protects them from title defects. But this isnt the case. Title insurance may only protect a homeowner from title defects that occurred before he/she purchased the property. But given that 80 million title-related documents are filed in the U.S. each year, this avalanche of paper has resulted in a growing number of title defects that have occurred after homes have been purchased.
Homeowners also need to be concerned about title defects caused by mortgage fraud and identity fraud. According to the FBI, the ongoing lending and refinancing boom has given rise to much higher rates of mortgage fraud. In fact, the FBI stated in September 2004 that fraud is running rampant in the mortgage industry and has the potential to be an epidemic."
More than a dozen states have proposed legislation to protect homeowners from the risks associated with defective titles and mortgage fraud. Such legislation would require lenders to issue mortgage-related paperwork in a correct and timely manner to minimize errors. But the mortgage banking industry has lobbied to defeat legislation related to this issue.
Ive seen many of my clients lose thousands and tens of thousands of dollars because, at the last minute, a title defect was uncovered — thus causing a refinancing or home sale to fall through," said Howard S. Gold, president and founder of National Homestead, Inc. and a practicing real estate attorney. National Homestead offers peace of mind to homeowners looking to protect their most valuable assets — their homes."
To provide this peace of mind, National Homestead will undertake a clean sweep" of a homeowners property records and ensure — through a written guarantee — that there are no false mortgages, liens or any other property title defects. If a title defect is found, National Homestead will sweep it clean" by obtaining and recording all documents necessary with the County Recorder or Registry.
Homeowners can sign up for the National Homestead Peace of Mind" Title Guarantee for $295 by visiting nationalhomestead.com.
Contact: Howard S. Gold
President, National Homestead, Inc.
Tel: 781-577-1549
hgold@nationalhomestead.com
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