Did the foreclosure sale comply with the relevant statutory or judicial requirements?
In light of the BFP decision, title companies can now insure title following a foreclosure provided the requirements in BFP are met. The foreclosure file (or court file) should be reviewed to confirm that all required notices were served in the correct manner and that all time periods were met. Alternatively, copies of particular documents (in lieu of an entire file) may be requested and reviewed. For example, in California, copies of the Trustee’s Affidavits of Mailings and the certificates of posting and publishing may be reviewed together with documents of record to confirm whether the sale appears to have been conducted properly. Management approval should be obtained before waiving or limiting the type of review described above. In a high volume operation management may wish to consider whether to rely on the reputation of the trustee or person responsible for conducting the foreclosure process together with evidence of record that particular requirements were met. IS THERE A REDE
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