In the news ... Tuesday, May 06, 2014

Mid-Atlantic Area

 

Pennsylvania

Three Glenhardie Corporate Center

1265 Drummers Lane, Suite 220

Wayne, PA  19087

(610) 687-8020

(800) 842-2080

(610) 687-6056 - fax

 

Calder Square

P.O. Box 10326

State College, PA  16805-0326

(814) 238-3600

(814) 238-3604 - fax

 

790 Holiday Drive
Third Floor
Pittsburgh, PA 15220
877-596-1260
412-921-6417 - fax

 

Delaware

32 The Green

Dover, DE  19901

(302) 734-3570

(800) 722-0784

(302) 734-3254 - fax

 

The 800 King Street Building

800 King Street, Suite 304

Wilmington, DE  19801

(302) 661-1997

(302) 661-1996 - fax

 

Maryland

Columbia Corporate Park

8850 Stanford Blvd., Suite 2900

Columbia, MD  21045

(410) 953-6763

(800) 664-8306

(410) 953-6761 - fax

 

Virginia

9303 Center Street, Suite 101

Manassas, VA  20110-5547

(703) 365-2300

(800) 232-6817

(703) 365-2400 - fax

 

1245 Mall Drive
Richmond, VA 23235 (804) 897-5499

(804) 897-9679 - fax

 

6802 Paragon Place

Suite 410

Richmond, VA  23230

(804) 441-6112

(804) 441-6050 - fax


GMAC Foreclosures


Last week officials at GMAC Mortgage, a division of Ally Financial, Inc., announced that they are halting evictions of foreclosed borrowers and are halting REO sales in 23 states. GMAC announced it was taking this action as a result of the discovery that affidavits filed as a part of foreclosure records may have been signed by a person(s) who did not confirm the facts stated in the affidavit. The company also said that some of the affidavits may not have been properly notarized.

The Attorneys General in Connecticut and California have ordered GMAC to halt foreclosure activities in their states. News reports indicate that state attorneys general in several other states are investigating or are planning to inquire into GMAC foreclosure practices.

The statements made and actions undertaken by GMAC, together with state investigations underway, require that Old Republic National Title Insurance Company and its affiliated underwriters exercise caution when dealing with properties which have been the subject of a foreclosure by GMAC. Should you have a transaction involving Ally Financial, Ally Bank, or GMAC, please contact the Underwriting Department before issuing any commitment to insure.  If you have recently issued a commitment involving any of these lenders please contact the Underwriting Department immediately for further discussion and guidance. 

 

 

Please contact Dwight Edwards at Old Republic Title with any questions
or give us a call at 610-687-8020 or 800-842-2080.

 

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Old Republic Title Update is published by the Mid-Atlantic Area Office of Old Republic National Title Insurance Company in an effort to provide information relative to our industry on a timely basis. None of the materials included in this publication should be deemed legal or underwriting advice or should be acted upon without prior consultation with your underwriter or counsel.