Closings may be halted, title insurance in doubt

Old Republic National Title Insurance Co. reportedly told its agents not to issue title insurance policies on properties foreclosed upon by GMAC Mortgage, according to sources. The company refused to answer any questions. Jodi Fredericksen, a spokesperson for Old Republic, said the company has a “policy of not speaking to the press.”

If it did, then buyers will not be able to close on those properties, real estate agents said.

Questions are mounting about the legitimacy of foreclosures in Florida courts and filing elsewhere.

Last week, GMAC Mortgage said it would stop throwing homeowners in default ouf of their houses and it would halt some sales until it can review the documents used in some of its foreclosure filings.

This week, JP Morgan Chase said it would ask courts to halt some foreclosures because of questions it has about documents.

The review centers on whether the documents are accurate and whether they were presented to the court by someone who knew them to be true, which is what is required.

Holy friggin real estate nightmares Batman….

That’s gonna screww up the existing home sales numbers if sales of foreclosures cannot be closed…

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