Don't depend on title insurance to pull your chestnuts out of the fire- most policies have an exclusion for any irregularities or mistakes in the foreclosure process. To do you any good, you have to get the preliminary commitment before the foreclosure sale- and even if they did not have the exclusion, title company would automatically be exempt from any liability that occurred after the date and time of the commitment (ie, the actual sale itself).
Not likely the buyer at foreclosure sale would lose the place- he is a "bona fide purchaser" (BFP)- a purchaser for value without notice of defect. The property would no longer be an issue- it would be a money damages issue between the lender and it's former customer, and court would have to sort out who was in the wrong, or allocate between the two.
The issue is spreading- local judge just enjoined a foreclosure sale, pending resolution of the MERS issue. Too lengthy to go into here- google MERS for some interesting reading, if you're so inclined.
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Today's Featured Article - A Question for Dads This recent topic from the Tractor Talk discussion board is being highlighted because it is an awesome display of the caliber of individuals that have made this site their own. The young person asking questions received positive feedback and advice from total strangers who "told it like it is" with the care many reserve for their own kids. The advice is timeless... so although it isn't necessarily antique tractor related, it will be prominently displayed in our archives to honor those who have the courage to ask and those who have the courage to respond in an honest, positive manner.
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