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My colleague was complaining about the “complicated, messy” title search that resulted after his client-seller refinanced six times in the past five years. Two Assignments of Mortgage hadn’t been properly filed, and a Satisfaction of Mortgage for a loan paid off after a 2010 refi wasn’t on record. He was going to have to do a lot of tracing, contacting, and undertaking to clear the title, and he was far from pleased.

 

“Guy went crazy for what, maybe 2-3 percent? He goes from 6+ to low-4-something before selling the house. All together, he probably spent more on closing costs than he saved in monthly payments,” ranted the most unhappy attorney.

 

I conversationally ventured that maybe A) the homeowner borrowed with low or no closing costs, and B) he had intended to stay long enough to recoup further savings before deciding to sell the house.

 

“Nah,” he said. “I represent these types all the time. They are just a bunch of dirty, hungry mortgage piggies.”

 

 

I'll bet he doesn’t call clients that to their faces when he hands them the bill at closing.

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