Contact us for more information

Default and REO Title and Closing Services

Chronos Solutions has extensive experience with the default and REO transaction. Our history with government contracts, GSEs and large national lenders means efficient, compliant title for default and foreclosed assets.

When extended failure to pay a mortgage signals breakdowns in a borrower’s financial health, we have the core services to ensure servicers and their investors can quickly streamline asset disposition and reduce the impact for all parties. They include REO title and closing, foreclosure title, and Trustee Sale Guarantee (TSG). Our Mortgage Modification Policy (MMP) ensures lien priority during loan modifications. We are one of the few providers who offer true curative service on defaulted properties.

While big enough to handle the largest order counts, we’re responsive to your specific operation and will mold our process flow to fit your needs. From pre-foreclosure services, such as short sale and deed-in-lieu support, to foreclosure-related services, including property preservation, auctions, REO asset management and disposition, we’ll help you make a qualitative difference. This means that every transaction we handle benefits from a breadth and depth of services found in the largest companies, while being supported by the service levels of an elite, boutique provider.

Our full-service insured and non-insured title and settlement options for REO and default include:

Loss Mitigation Title
Mortgage Modification Policy
Short Sale Title
Deed-in-Lieu Title
Legal and Vesting
Title Reports
Full ALTA, CLTA & TLTA Title Commitment and Policies
Title Search
Foreclosure Title (Trustee Sale Guarantee)
REO Title and Close
Title Commitment
Full Owner’s/Lender’s Title Policy
Title Curative Services
Default Closing and Post Closing Services
Document and Recording Services
Mortgage Priority Guarantee (MPG)
Property Reports

 

Loss Mitigation Title

Our loss mitigation title products are designed to help expedite the foreclosure process and include Mortgage Modification Policies (MMP), short sale and deed-in-lieu title. Our highly experienced title resolution and underwriting staff clear title issues and make intelligent risk decisions to expedite the foreclosure process. Our associates have a complete knowledge of local customs, practices, and statutes to provide you with the highest quality product.

Mortgage Modification Policy

THE ALTA Mortgage Mortgage Policy (MMP) may be issued for mortgage modifications that meet the underwriter’s “Product Issuing Standard” for the MMP.  Possession of the original loan policy is not required in order to issue an MMP.  In addition, the original loan policy can be underwritten by a different underwriter than the one selected for the MMP.   It is important to note that the MMP has limited coverage.

The MMP does not insure the validity, enforceability, or priority of the insured deed of trust/mortgage but only insures that the validity, enforceability, or priority of the mortgage, if any, has not been diminished or lost by reason of the modification; and does not insure the status or ownership of the title to the estate or interest in the land described in the mortgage being modified. 

Short sales may come with unsatisfied liens, either voluntary with the consent of the homeowner or involuntary when filed by a third party without notice and without the consent of the owner. Either way, the higher-than-normal risk of a new owner being left with outstanding debt makes a short sale title search by Chronos Title Solutions a smart choice.

Deed-in-Lieu Title

Deed-in-Lieu services provide title commitment, review of title issues, recording of Deed-in-Lieu documents, and issuance of a title policy.

Legal and Vesting

Chronos Solutions provides expedited legal and vesting information and title insurance protection, including prompt online response with vesting information and legal descriptions nationwide.

Title Reports

A Preliminary Title Report is a written report issued by Chronos Solutions, preliminary to issuing title insurance, which shows the recorded condition of the title of the property in question.

Full ALTA, CLTA & TLTA Title Commitment and Policies

  • ALTA (American Land Title Association) an organization composed of title insurance firms that set standards for the industry, including the title insurance policy forms that are used across the nation.
  • CLTA (California Land Title Association) a non-profit trade organization representing the entire title industry in California. The Association develops title forms and has a number of services to offer its members along with serving as a unified voice on legislative and regulatory issues.
  • TLTA (Texas Land Title Association)a Statewide trade association representing the Texas title insurance industry and currently serving over 13,000 professionals involved in the safe and efficient transfer of real estate.

Title Search – A review of all recorded documents affecting a specific parcel of land to determine the present condition of title.

Foreclosure Title (Trustee Sale Guarantee)

Chronos Solutions offers custom Foreclosure Title products, both insured and non-insured.  These products meet the demands of foreclosure attorneys, lenders and servicers nationwide, are compliant with all statutory requirements, and are competitively priced.

Our Trustee Sale Guarantee (TSG) services allow trustees, attorneys, lenders, and servicers to avoid common delays in the foreclosure process. Our title resolution and underwriting staff, expert in local statutes across the country, can clear title issues and expedite the foreclosure process with informed risk decisions.

Services include:

  • Ownership validation
  • Senior lien clearance and title issue resolution
  • Nationwide bankruptcy searching
  • Real property tax information and status
  • Contacts for notice of default / foreclosure sale
  • Next-day recording of Trustee Deeds
  • Uploading of data into foreclosure system
  • Client-centric business model

REO Title and Close

We understand the special requirements of REO property transactions and provide customized solutions to meet the needs of our servicer clients. With years of experience working with asset management companies, investors and loan servicers, Chronos Solutions will create the right process for you – from delivery of preliminary title reports, title commitments and curative services, through contract execution and the final funds disbursement to the seller.

  • Title search with insurance
  • Title clearance / curative
  • Sales contract review
  • Closing coordination
  • Pre-closing document review
  • Deed and HUD preparation
  • Post-closing audit
  • Recording of proper documents
  • Receipt and disbursement of funds

Title Commitment

A binding contract to issue a specific title policy, showing only those exceptions contained in the commitment and any intervening matters after the date of the commitment and prior to the effective date of the policy.  The commitment contains all information included in the preliminary title report, plus a list of the requirements to insure the transaction.  It also includes the standard exceptions from coverage that will appear in the policy.

Full Owner’s/Lender’s Title Policy

Chronos Solutions offers full Owner’s and Lender’s title policies. Owner’s title insurance protects the buyer and lasts as long the policyholder or his or her heirs have an interest in the insured property. Lender’s (or mortgagee) title insurance protects the lender/investor as security for making mortgage money available to a buyer. It does not protect the buyer.

Title Curative Services

Few service providers offer a true curative service on defaulted properties. Chronos Solutions will clear curative matters of record that have the potential to impact the new lien position, delivering a complete offering to ensure a smooth transaction.

Default Closing and Post Closing Services

  • Closing Services – Chronos Solutions’ Default Closing Services eliminate the need for multiple vendors, while providing consistent quality. Chronos Solutions closing specialists will prepare HUD I statements expediently and accurately, and end-of-the-month requests are given special attention for timely file completion. Our nationwide network of signing agents can facilitate last minute requests along with managing multiple borrowers and/or multiple closing locations.  Chronos provides the confidence and compliance that you deserve.
  • Full closing – Includes curative work, HUD and Closing disclosure preparation, signing, post-closing review, disbursement, recording, and issuance of the final title policy.
  • National Notary and Attorney network – Our national notary and attorney network contains only notaries and attorneys who have passed an in-depth screening process.  Our notary network must be approved by the National Notary Association and our attorney network must be a member in good standing with the American Bar Association. We also monitor and grade each notary and attorney using borrower, client and performance feedback to ensure that only our best service providers are retained to facilitate the closing event.
  • Tax Certificate – Official proof of payment of taxes due, taxes paid, and any special assessments on real property.

Document and Recording Services

Chronos Solutions’ Document and Recording Services provide reliable, efficient recordation of all documents that require recordation for the transaction.

MORE INFO

Mortgage Priority Guarantee (MPG) – Guarantees lien priority during loan modifications.

Property Reports (Insured and Uninsured)

Ideal for lenders, investors, servicers, REALTORS®, appraisers, and title companies looking to improve productivity, reduce costs and maintain the highest standards of quality.  When you need to quickly obtain comprehensive property and ownership information nationwide, our simple-to-use non-insured and insured title reports are ideal for closings of equity and home improvement loans, early stage delinquency and loan due diligence.

Types of Property Reports

  • Property Profile Report
  • Legal & Vesting Report
  • Legal, Vesting & Tax Report
  • Tax Profile Report
  • Loss Mitigation Report

For more information Click Here to complete our request form, or contact us at 888.873.5663 or ContactUs@ChronosSolutions.com.