New York Home Equity Theft Prevention Act - Title Insurance Issues

(revised 8-11-07)

Attorney Marvin Bagwell, Esq., of United General Title Insurance Company (a subsidiary of First American Title Insurance Company) has written this Title Advisory on the NYS Home Equity Theft Prevention Act (made available online by Benchmark Title Agency, LLC).

This article offers a brief discussion of four features that have an immediate impact on title insurance underwriters doing business in New York. The article is written for industry professionals, so if you are in the title insurance industry or legal counsel for mortgage lenders doing business in New York, you might find this information helpful.

Included in the article is a copy of the standard notice "Help For Homeowners In Foreclosure" now required (as of February 1, 2007) to be served on homeowners in foreclosure when initiating a foreclosure action, and an affidavit required when an "exempt equity purchaser" is acquiring title from an "equity seller" in foreclosure.
For the full article, see Title Advisory on the NYS Home Equity Theft Prevention Act

For other articles on the Home EquityTheft Prevention Act, see:

• The Negative Impact Of The Home Equity Theft Prevention Act On Legitimate Investors And Lenders, by Thomas Weiss and Kafi J. Harris (originally published in the New York Law Journal, October 17, 2006)
• Home Equity 'Theft', by Bruce J. Bergman (originally published in the New York Law Journal, October 11, 2006)
• New York State Passes the “Home Equity Theft Prevention Act”, by Kirsten Keefe
• Overview of the New Law, from New York State Bar Association Bar Blog

To obtain a copy of the New York Home Equity Theft Prevention Act, please refer to my January 4, 2007 post and my January 12, 2007 post.

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