Consumer Law

Title Agencies Sued

By M. Stan Herring

Four title companies, all owned by Stephen Colson, are being sued. The companies, which include Prestige Title of Alabama, are being sued and this inhibits homeowners from refinancing their homes, and in some cases, leaves people wondering if they actually own their homes.
The article , written by April M. Havens, gives two different groups as victims. One being Donna and David Anderson, who are unsure if the house they helped their daughter buy is still theirs after Countrywide, the mortgage holder, returned the check to the title holder. $15,000 of renovations had already been put into the house. The article says the Andersons have filed an online claim with the title agency, but have had no response.
Another example is Nancy James, who thought refinancing her home would ?be a simple way to consolidate loans and get a lower interest rate,? but instead was told she owed an additional $30,000 because the check from the title company to the mortgage company bounced.
Kenny Smith, the owner of four Coldwell Banker realty offices in Jackson County, says he has received about a dozen calls on this so far and advises people to hire an attorney. If you are dealing with this, or any other issues related to your mortgage, please feel free to contact us.

Full post as published by Alabama Consumer Blog on March 09, 2009 (boomark / email).