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Posted by BobbiCT on 11/1/19 6:58am
As said, unless the person PURCHASED an Owner Title Insurance Policy, the coverage is not for him. Borrowers pay for the lender's coverage, but they don't own it and aren't insured under it. It only covers the lender's mortgagee interest while that mortgage is on the property, which is why there would be nothing with the borrower's copy of his loan documents. Ways to request a copy (but NO guarantee he will get it):
1. Contact his lender, assuming he is still paying on that mortgage, and ask if the lender can pull the policy from the file and send him a copy. (Personally, being in the legal field I find this highly unlikely .... it takes lender employee time and effort at no profit and some will "send your request to their legal department".)
2. Call his State Insurance Department to find out what title insurance company purchased the ULS records. Call the local branch of the current company, which will want to 1) know why "he, not the owner of the policy" are calling, 2) will suggest he contact an attorney for your problem (will recommend one of their attorney/title insurance agents), and 3) may suggest he call his lender for a copy.
3. If he needs a copy of the title insurance policy, he probably needs a title search to refinance and is trying to avoid paying for it (or refinancing and hopes to save by not having to purchase a new lender policy or wants a discount from the current title insurance company because he has a copy of another lender's policy). The lender's policy which only protects the unpaid balance of the lender's interest from 2013 back 30-40 years won't help. There is sometimes a small discount on the insurance premium, 1) if the title company has filed "discount rates" with the State Insurance Dept. and 2) if he were refinancing and his lender was using the same title insurance company. |
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