|
| Home | Departments | Locations | Contact Us |
|
TSG / Foreclosure Department
2555 E Camelback Rd # 500 Phoenix, AZ 85016 View Map What is the TSG/Foreclosure Department? We provide services to Attorneys, Trustees, Mortgage Companies and Lenders, as well as the individual holders of carry-back liens, for their Deed in Lieu, Forfeiture or non-judicial foreclosure actions, commonly referred to as Trustee Sales, or by providing them with the title reports for their specific default action. What services does the department offer? We offer a wide variety of services –
• Processing of Trustee Sale • Processing of Forfeiture of Agreement for Sale • Statewide services for Trustee Sale, Title requirements & recording of documents A Trustee Sale Guarantee (TSG) report is issued for the benefit of a Trustee, to be used for the purpose of instituting non-judicial foreclosure of the Deed of Trust. The TSG will name the Trustee as the Assured Party and the liability amount is typically the unpaid principal balance of the Note(s). Forfeiture Guarantee Report A Forfeiture Guarantee report (FG) is issued for the benefit of an agent under an Agreement for Sale. The FG will show the agent as the Assured Party and the liability amount as the unpaid principal balance of the Agreement for Sale. Litigation Guarantee Report A Litigation Guarantee report (LTG) is issued for the benefit of an attorney, to be used for the purpose of instituting legal proceedings in connection with Quiet Title actions, Petitions, Judicial Foreclosures, Tax Sales, Condemnations, or other matters of litigation. The LTG will show the attorney as the Assured Party and the liability amount as the principal amount of the litigation. Deed in Lieu/Voluntary Forfeiture A commitment is issued to advise all parties of the requirements necessary to issue Title Insurance. Deed in Lieu report is issued for parties having a Deed of Trust. A Voluntary Forfeiture report is issued for parties holding an Agreement for Sale. The cost is based on the amount of the unpaid principal balance of the debt. The rate is 100% of the standard Owners Policy. Trustee Sale Processing A typical Trustee Sale will take approximately 100 to 110 days. As a result of the Trustee Sale, the Beneficiary will either receive reinstatement of the Deed of Trust, along with reimbursement of their fees and costs; or the property will go to Sale. If the Beneficiary is the successful bidder, they will receive a Trustee’s Deed to the property. If the Beneficiary is out-bid, they will be paid in full the amount of their credit bid. Strict Performance/Forfeiture of Agreement for Sale When an Agreement for Sale is used when selling property, the Seller retains Fee Title to the property. The Buyer receives Equitable Title only. In the event of default, the Seller has the right to forfeit the buyer’s interest in the property by serving a Notice of Election to Forfeit under the Agreement for Sale. The amount of equity paid under the contract determines the length of time the seller must wait after default to begin a Forfeiture. This time frame is referred to as the "equity period". The equity period is a minimum of 30 days and can be as much as 270 days. Deed in Lieu of Foreclosure/Voluntary Forfeiture A Deed in Lieu is a voluntary transfer of title from the owner of property to a specific lien holder on the property. If the lien is a Deed of Trust, the process is known as a Deed in Lieu of Foreclosure of Deed of Trust. If the lien is an Agreement for Sale, it is known as a Mutual Cancellation of Agreement for Sale and Voluntary Forfeiture Deed. In both procedures, the title is transferred to the holder of the lien and the contract is either released (Deed of Trust) or cancelled (Agreement for Sale). Due to the circumstances of this type of transfer of title, a specific deed is used that offers certain protection and assurances for both the Grantor and Grantee. Statewide Services Chicago Title is located in six (6) counties within Arizona, along with professional affiliations in all other counties. We have the infrastructure to conduct a Trustee Sale, Forfeiture or Deed in Lieu in every county. For Title Guarantee reports, we will secure the Guarantee from the appropriate county and act as your "liaison" to allow you the benefit of a "one-stop shop". When requested, we can assist you with your recordings in each county, often times allowing for a deferment of the recording costs. Title Policies If a Title Policy is issued after completion of the appropriate action, i.e. Trustee Sale, Forfeiture or Litigation, we will apply a credit towards the cost of an owner’s policy to the purchaser, for up to one (1) year. The credit applied is 40% of the premium paid for the TSG, FG or LTG issued, providing no other discounts have been applied. Electronic Recording Chicago Title Insurance Company has the ability to record documents on site utilizing scanning software that communicates through a secure network directly with the Maricopa County Recorder’s office. This valuable feature allows for timely confirmation and retrieval of documents, which can eliminate weeks of waiting for documents to be mailed from the County Recorder. Competitive Rates Chicago Title Insurance Company offers competitive rates on all of our services. Our Guarantee Reports are issued at 50% of the Basic Rate, while many other companies are charging 80% or 90% of their Basic Rate. All of our title rates are filed with the Arizona State Banking Department. Our Trustee Sale fees are based on unpaid principal balance, plus out of pocket expenses, with no hidden costs! Please contact our office for more detailed information or if you would like a brochure on our title rates. We are here to answer your questions. Please give us a call!  Top
|
| Copyright © 2007 Chicago Title Insurance Company | Home | Privacy Statement |