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Improvident Transfers Act

Elder abuse cases often highlight the reality that the same frailties and vulnerabilities that make older clients easy victims, also make them imperfect witnesses and poor advocates for themselves. The state of Maine, however, has taken a unique approach in protecting its elderly from financial exploitation. In 1987 a group of lawyers advocating for financially exploited elders […]

Title Insurance and Refinancing Your Home

Unless you paid cash for your home, then you most certainly were required by your lender to purchase a lender’s title insurance policy when you bought your home. If you refinance that home, your lender will again require you to buy a new lender’s title policy. There are a few reasons for this. Each time […]

1 Phish, 2 Phish…

We’ve explained in the past how wire fraud – and other types of banking related fraud – are becoming widespread these days. Well one of the ways criminals are achieving this is through “phishing” scams. The term “phishing” is fairly broad. Some are somewhat harmless internet rollers, while others are professionals that have become more […]

The Difference Between a Title Agency and an Underwriter

A title underwriter is an entity that authorizes and issues authority for its agents (title agencies, like Cumberland Title), to write title insurance policies. The underwriter assumes the ultimate financial risk as they stand behind the policy and actually insures the property against insurance defects. They also agree to defend the owner of the title […]

Mortgage Amortization

You may have noticed the Amortization Schedule when signing mortgage documents, which is basically a really long calculation of all the mortgage payments the borrower will be making for as long as the mortgage was taken out for.  Simply put, “amortization” is the difference between the monthly mortgage payment and the interest portion it contains. […]

The Importance of Information Gathering (aka: Getting Your Ducks in a Row)

When a title company is contacted to facilitate the closing for a property transaction, there is a great deal of information that they must gather in order to accurately allocate all monies and ensure that the documents reflect the most current, up to date and accurate information. One of the first things we do here […]

How the Proposed Tax Bill Could Affect New Homeowners

How it affects you House Republicans recently unveiled a pretty massive tax bill that includes a limit on how much mortgage interest homeowners can deduct – capping it on mortgage debt up to $500,000 – which is down from the $1,000,000 we’re used to today. This lower limit – if the bill passes – would […]

What Is a “Closing Protection Letter” (CPL) and How Does It Benefit You?

A closing protection letter is a contract between a title insurance underwriter and a lender. In this agreement, the underwriter agrees to indemnify the lender for actual losses caused by certain kinds of misconduct by the closing agent. Basically, the insurance company is agreeing to hold the ultimate risk and stand behind the policy. If […]