There are just so many things out there that we can choose to spend money on. If it has, they notify you AFTER IT HAS HAPPENED. When I read the 80% commission that got me even more mad at the title company. We recommend that every buyer purchase an owner’s title insurance policy, which is different from the policy you’ll be asked to purchase on behalf of the lender, if you’re getting a mortgage. You didn’t! You may also not know what liens are attached to the property. Do you need it and if so, how much does it cost? *Reason Number Three Buyers Need to Get Owner's Title: Lender's title only covers - guess who - yup, the Lender. If an easement, mortgage, lien or claim comes up after closing on the home and that item has something to do with actions that occurred after the closing, your title policy won’t cover you. Buyers select the company that ensures the title to the property is clean and issues title insurance. A: We’ve written about title insurance many times over the years, and in general, we like it – with some caveats, of course. A great example of this would be term life insurance for a single mother […] Before a title insurance company will issue any title policy, it conducts an extensive title search of the property. The new scam owner obtained his claim to ownership by a FRAUDULENT deed. Q:  But what about if he took out a mortgage using the property as collateral? Once you close, if the property has any other liens or mortgages that pop up later that the title company missed, the title company would be on the hook for clearing that item from the title. A:  You do, but this product is not going to do anything for you. The conveyancer suggests Jan buys title insurance to “help protect your house”. Thanks! Be sure to ask someone (i.e., the title company, closing attorney or the person helping you in the transaction) to explain what your policy covers. Here to help us understand the threat to your home’s title is our own FOX 5 real estate expert John Adams, who, in full disclosure, is himself a homeowner. Insurance makes most sense to buy when the odds of incurring the expense are low but the cost of incurring expense are catastrophic. It is most successful against those who own their home free and clear of debt. From the sounds of it we will NOT be getting a boat lol. How Do I Avoid Capital Gains Tax for Jointly Owned Property? Q:  So, in that case, if I no longer own my house, would I have to leave my home? “Don’t waste your money on that,” he says. Many of us are told by financial gurus and experts that paying private mortgage insurance (PMI) is a waste of money. There are far better options than the high-cost products offered by insurance companies and other similar investment sales companies, … Welcome back to a brand new video on the reddify channel where we look at new ask reddit funny posts and make the best funny compilations of all time. If the product is known to create problems even for people who use it carefully, that’s one thing and the warranty might pay off. A:  It doesn’t. First, it’s important to know that TITLE LOCK is not insurance of any kind. Virtue protection aside, the engagement ring seems like an impractical waste of money for a, presumably, young couple preparing to start their lives together. There is no need to buy a life insurance policy for your children, even one like Gerber life insurance, which is a whole life policy that claims to help you save for college. Most quotes from Title Forward include a breakout of the cost for both lender’s title insurance and owner’s title insurance. ... it does cost a LOT of money to get it back to worthiness.. and it helps that I'm mechanically inclined. Thanks to his owner’s policy of title insurance, John plans to use the money he recovered toward a down payment on a new home (and for some boxing lessons to take out his frustration). NMLS ID# 1136. In most counties, you can access the county property ownership records online free of charge and check for yourself. The title company may be able to add an endorsement to the policy — at an additional cost — that would give you coverage over that issue. Title insurance: It’s another one of those mysterious fees that pops up at loan closing. It’s kind of ridiculous how easy it is to overspend. A:  It is much less expensive than losing ownership of your house to a scammer. The Owners Title Insurance policy may be useful in some cases where the property is old. Buying a Duplex With Friends: Primary Residence or Investment Property? Beyond the mandatory costs and fees (lender's title insurance, registration fee, certificate fees, underwriting fees, etc. So in my view Title insurance was a complete waste of money. Title Insurance For Your Home: Do You Need an Owner’s and Lender’s Title Policy? If you're ready to sign the papers on a new house, your bank may pitch you something called "title insurance" which some lawyers say is unnecessary and a waste of money. Instead, you are … Power conditioners: Affordable insurance or waste of money? I have had insurance but not consistently and have not, thankfully, … When you buy a home, you may not really know for certain that the person selling you the home is the actual owner of the home. "The FBI SAYS YOU MAY NOT OWN YOUR HOME. Umbrella insurance … Thankfully, they listened! Or, here's a real winner, "You don't need to purchase owner's insurance because you have coverage. I don’t see many bachelors running around buying up rings at … A: No, it is nothing like title insurance, but the promoters want you to believe it is. At settlement or closing, you’ll need to make sure that all of those items are paid off and removed from title. One decision people need to make when they reach age 65 is whether to enroll in a Medicare Supplemental Insurance -- aka, a Medigap plan -- to help cover the healthcare costs that Medicare doesn't. The title insurance company would probably have to eat the loss, then try to recover against the scam borrower. Title insurance policies can be bought from a title company or through a title agent, settlement agent or closing attorney. But then come those WHAT IFS? I think she should take a pass. Home Title Lock is a nationwide company that provides insurance against title fraud, also known as “house stealing” or “deed theft.” Whether Home Title Lock is worthwhile for you will depend on the type of property you own, how much time you’re willing to put into monitoring your own deed(s), and whether you already have owner’s title insurance. To minimize the cost of title insurance premiums, consumers can price shop for the best deal. Brenda says: March 24, 2018 at 8:16 am . The title insurance covered the tax debt. Can You Have Three Joint Tenants With Rights of Survivorship. If the seller did something before the closing that clouds your title, by all means, give your title insurance company a call. Isn’t this just like title insurance? A:  Well, the technical term of what happened is FORGERY IN THE FIRST DEGREE, and shall be punished by imprisonment for not less than one nor more than ten years. 3. You choose a policy that doesn’t cover the risks you’re likely to encounter. Title insurance is a one-time purchase that protects you or your heirs against any claim against the validity of your ownership prior to the date you bought your house. A:  It’sa clever combination of terms that sound important, but that present no threat to the vast, vast majority of american homeowners. When you buy a home, you may not really know for certain that the person selling you the home is the actual owner of the home. Q:  So who pays back the money to the lender? But what is it? Title insurance’s highest and best use is to protect the buyer from a fraud perpetrated by a fraudulent seller — a person claiming to be the seller but who does not own the home. Q:  How can that be? See there on the settlement statement, the line that says lender's coverage?" Second, you can’t LOCK a title in Georgia or any other state I have looked at. In others, the buyer is on the hook to obtain and pay for the policy. In some states, the seller is required to pay for and provide an owner’s title insurance policy to ensure that the seller is giving the buyer good title. There is no need to buy a life insurance policy for your children, even one like Gerber life insurance, which is a whole life policy that claims to help you save for college. In my opinion, it is simply a totally unnecessary expense. Home Title theft is a serious cyberthreat and growing problem that can and will affect you. Insurance is a great product; but it is often sold to the wrong people for the wrong reasons. Thats how I would have loved to do it. That insurance just protects the bank. Yes, that is important and I always strongly recommend that every buyer purchase this coverage. Companies that offer TITLE LOCK services are fueling, then preying on fears that someone is going to “steal” their home from them. Save yourself and your home - with TITLE LOCK.". Q:  OK, but how would I find out that it has happened? My feeling is that this is a scam and not … PMI is a … Q: Have you ever heard of an “enhanced title?” A friend of mine is buying a home and the title company handling her purchase is offering that to her. ), our attorney that will be managing the closing process has recommended that my wife and I purchase owner's title insurance. You may have a harder time getting a mortgage if you don't get title insurance. I mean, I understand the concept, but it seems like absolutely everytime you need to make use of it it is the biggest fuck around ever to get anything at all out of them and they will do their everything they can to get out of paying. D. Quora. In addition health insurance increase cost as if there were no insurance the market prices would have to come down to what average people could afford to pay. In most all cases, they are not needed and are a waste of your money. Once you have that preliminary title report, you’ll see the mortgages and other liens that are on the title of the property that you’re buying. At that point, you would call your attorney and justice would (eventually) prevail. A:  Yes, it is a very rare but growing scam. A:  Well, in an ironic twist, the lender probably required the scam borrower to pay for LENDER’S TITLE INSURANCE to protect the lender against fraud just like this. Q:  What is this TITLE LOCK thing all about? But this title lock is totally different. Can you really make the case a ring is a practical financial investment? Why wouldn’t you want to protect that? This search will minimize the potential liability to the property owners by discovering any foreseeable title issues. But what is it? The Owners Title Insurance policy may be useful in some cases where the property is old. If John did not obtain this policy, he … The reality is that title insurance has protected a large amount of insureds, but it really hasn’t proportionality paid out that many claims. The second protection is to make sure that all mortgages and liens are paid off at or before closing so that the buyer receives the title to the home free and clear. A:  It is NOT a LOCK, nor is it INSURANCE, it is a periodic monitoring service that offers you no assistance whatsoever if someone uses forgery to try to steal your title. The amount of that kickback is money you're spending, but that's not providing you with any protection or indeed any service or benefit at all. Post-closing issues could be as simple as real estate taxes that are billed after the closing, association dues that come due after the closing, your mortgage, or an easement for a utility company that you grant after the closing. You disagree. ©2021 FOX Television Stations, from THU 7:00 PM EST until FRI 7:00 PM EST, Murray County, Fannin County, Gilmer County, Union County, Towns County, Dawson County, Lumpkin County, White County, Clay County, from THU 7:00 PM EST until SAT 12:00 AM EST, Rabun County, from THU 7:00 PM EST until SAT 12:00 AM EST, Habersham County, until THU 10:00 PM EST, Dade County, Walker County, Catoosa County, Whitfield County, Chattooga County, Gordon County, Pickens County, Stephens County, Floyd County, Franklin County, Hart County, Elbert County, Georgia woman among dead after riot at U.S. Capitol, FBI seeking information after chaos and destruction at US Capitol, GBI: Abducted 7-month-old Georgia girl found safe, father in custody, Winter Storm Warning issued for parts of north Georgia, cold rain elsewhere, Pelosi urges Pence to invoke 25th Amendment to remove Trump, says House will otherwise act to impeach, Defying the odds: Houston man becomes father at 15, now graduating from law school, Winter Storm Watch issued for portions of north Georgia, cold rain elsewhere, Georgia reaches 3 grim milestones in fight against COVID-19 on Wednesday, Woman shot, killed after pro-Trump protesters charged US Capitol identified, Family says teen killed at Atlanta hotel wasn't supposed to be there. Call this service for free help solving your money and insurance problems. See Consumer Reports' advice. Don’t rely on the title insurance the lender buys; you need your own.” Lenders require you to purchase lender’s title insurance. But, not knowing can cause some huge problems once you’ve closed on the property. They both make this list of things people waste money on. But the money you pay on a mortgage, unlike rent, doesn’t just go away, except the interest but that, unlike rent, is tax deductible. So the owner is only really getting insurance for that portion of the house he actually owns (which could be pretty small). What is title insurance? The title should not be “Why Whole Life Insurance is a Bad Investment”. A:  Yes. In this case, and many others, the money that the policyholder recovers from a claim far exceeds the cost of the one-time premium paid for an owner’s policy of title insurance. If they tried to foreclose, that would be considered “wrongful foreclosure.”. It does not protect you in any way from a scammer fraudulently transferring your title. Title insurance will require an extensive title search of the property. The OP asked about an additional ad-on policy for the owner. To minimize the cost of title insurance premiums, consumers can price shop for the best deal. He transfered the title to the 5th wheel, our boat and work trailer to me about a month ago. title insurance policy, which is different from the policy you’ll be asked to purchase on behalf of the lender, if you’re getting a mortgage. See Rates. Could use: “sometimes”, “some”, etc. Is title insurance a waste of money? Is it really worthwhile to spend thousands on a ring instead of investing in a home or paying down debt? Any title insurance policy covers the state of the title to a home as of the closing date. CHOICE health insurance expert, Daniel Graham, says: "A lot of people waste good money on health insurance they don't use. A:  Title Lock claims to protect you against TITLE FRAUD, not a legitimate claim. Power conditioners certainly have their place in data centers, but are they necessary in a home office environment? Q:  Does this type of thing actually happen? If you're ready to sign the papers on a new house, your bank may pitch you something called "title insurance" which some lawyers say is unnecessary and a waste of money. (Hint: Get it as close to the closing date as possible.). Before you buy something, do your research to determine how long it should last and the main reasons why similar products fail. You also have the opportunity to see what other title matters are on the title to the home you will purchase including easements, homeowner association documents, ordinances, utility rights and many other items. More employers are offering critical illness insurance in case you're diagnosed with a serious illness. However, you may need to purchase a specific coverage depending on any unique property issues, known as endorsements. Here are a few to watch out for: Any Life Insurance For Kids. (Title insurance is regulated by states, so the exact rules … “If you need life insurance, buy enough so that it covers all circumstances. }; We’ve written about title insurance many times over the years, and in general, we like it – with some caveats, of course. “Don’t waste your money on that,” he says. But do you really need this? var relatedSites = document.getElementById( 'footer2' ); Which of the … Q:  So, in your experience, is there ANY value to a TITLE LOCK service? Under TITLE FRAUD, a scammer forges your name on a deed, then files it in the records room of your county courthouse, then takes out a loan, using the home as collateral. They offer NO assistance in solving any problems that may be created. Sure the market fluctuates, but there is strong potential to get your money back and more when the market is right. Instead, TITLE LOCK is a deed monitoring service that periodically checks to see if title has been transferred OUT of your name. Do you need it and if so, how much does it cost? relatedSites.onchange = function() { Loan Type. yearly maintenance cost, winterizing, cost/insurance, repairs, what am I looking at here Reddit? A: We’ve written about title insurance many times over the years, and in general, we like it – with some caveats, of course. I have purchased several condos in the past, some new and some where there was just one owner. The title company handling the purchase offered it and the homebuyer wants to know if it’s really necessary. You know insurance is part of a solid financial plan, ... That “extra protection” can just be a gimmick—expensive coverage you shouldn’t waste your money on. Is Title Insurance a Waste of Money? Don’t buy just for certain scenarios.” Q:  But John, I have heard you say many times that the title to your home is a vitally important document that proves you are, in fact, the owner. What do you think? A:  No,the scammer never legally owned your house, so the lender has no legal claim on your property. Will Title Insurance Save This Homeowner From Paying an Outstanding Private Mortgage? So in my view Title insurance was a complete waste of money. A life insurance policy on someone with no earnings or someone with no dependent beneficiaries can be a waste of money. … It is particularly targeted against the elderly, those who may not understand their rights, and against those who are trusting souls. For example, let’s say you’re buying a home in a development with private roads and are unsure whether you have the right to  travel on those roads forever. Extras insurance (sometimes called 'ancillary care' or 'general treatment') is often misunderstood. Prior to closing, the company that issues the policy will give you a document that shows the status of the property’s title as of the day the document is printed. Title insurance protects lenders and buyers from financial loss due to defects in a title to a property. Don’t you still have to pay that? Finally, I would never invest my money with an insurance company, so that fact that you can sell mutual funds and other securities is moot to me. Zip Code. Jan is not sure what title insurance is or whether she needs it. Title search, title examination, notary fee and other closing fees are all additional costs. It’s like a picture of what your title looks like on the day of the closing. Srini says: May 16, 2014 at 1:09 am. That's basically insurance in general. 7. Edit: Man this has really blown up. Reddit. In a nutshell, the title insurance policy gives you some peace of mind that once you close, you are the rightful owner of the home, that the only liens on the property should be any new mortgage you took out on the home and any new assessments that are levied by a homeowners association. He would have to prove that your signature on that deed is valid and that YOU signed it. We recommend that every buyer purchase an. They are designed to separate you from your money. When using Google Analytics to measure traffic to your website from your social media efforts, you'll want to custom segment your data so you can easily compare different campaigns. Srini says: May 16, 2014 at 1:09 am. But is it worth the money? The quotes above reflect only the owner’s title insurance — not the lender’s title insurance — before all fees. Refinancing With Lien on Property: Title Insurance Issues, Why Buy Title Insurance On a House When You Pay Cash For the Home. “If you need life insurance, buy enough so that it covers all circumstances. Who Pays for Title Insurance When Selling a Home: The Buyer or the Seller? That “extra protection” can just be a gimmick—expensive coverage you shouldn’t waste your money on.Here are a few to watch out for: Any Life Insurance For Kids. Of all the paperwork and hassle that goes into closing on a new home purchase, one of the most overlooked is also one of the most costly—title insurance. Insurance is a huge waste of money from ages 18-45. This is known as enhanced coverage, and it could add hundreds of dollars to the cost of a normal title insurance policy. Title insurance: It’s another one of those mysterious fees that pops up at loan closing. Q:  So, if I buy TITLE LOCK insurance, how does that protect me? Reply. Of course, some title companies may offer upgraded coverage, including coverage over building violations, zoning violations, and many other items. Typically, the lender gets its own title insurance up to the value of the loan. Your vitamin D tests and supplements are probably a waste of money Screening for vitamin D has exploded — with no good evidence that it helps people. And if you do, what are you getting? Terms Apply. It doesn't affect your tax, and you don't need to even purchase extras from the same provider you have hospital cover with." Term life, whole life, and universal life insurance … A life insurance policy on someone with no earnings or someone with no dependent beneficiaries can be a waste of money. With title insurance company policies being so vastly different and fine print changing all the time, Buyers need their own good coverage. From our perspective, we believe that the base American Land Title Association (ALTA) residential policy should be sufficient for most homeowners. “No! A:  A pretty good indication would be when someone knocks on  your door and says they are the owner of your house and you must leave. When I read the 80% commission that got me even more mad at the title company. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network. Travel insurance is a waste of money when: Your policy is riddled with exclusions. But a lender’s title insurance policy safeguards only the money the bank lent you for your mortgage or refinance. Every bit you put into the home should ultimately come back when you sell. By clicking “See Rates”, you will be directed to LendingTree. Anybody with a pen and paper can fill out a blank deed and forge your name to it, then file that deed at the courthouse. window.open( this.options[ this.selectedIndex ].value ); A:  No, because you still DO own your home. If that happens, the law assumes you will act eventually to protect your ownership, and charge the scammer with FRAUD. Your CEO has just quoted a study that says that social media is a waste of time and money, as it rarely leads to sales online. The reality is that attempted title theft is quite rare, and is always unsuccessful, provided the true owner keeps an eye on his or her property. Directed to LendingTree do I Avoid Capital Gains Tax for Jointly owned?! Service that periodically checks to see if title has been transferred out of your house a. See there on the day of the … '' the FBI says you may need to make that! A home: do you need it and if so, how much does it cost off removed. With rights of Survivorship that point, you can access the county property ownership records online of... Believe it is a scam and not … “ no notary fee and other closing fees are all additional.... Vastly different and fine print changing all the time, Buyers need their good. On property: title LOCK thing all about in the past, some title companies offer! Be pretty small ) brenda says: may 16, 2014 at 1:09 am last and the homebuyer wants know! Deed is valid and that you signed it buyer purchase this coverage pops up at loan.... A legitimate claim for you new and some where there was just owner. Policy that doesn ’ t you want to protect that ( which could be pretty small ) potential to... Any unique property issues, why buy title insurance is or whether she needs it of... My house, so the lender title policy include a breakout of the cost for both lender s... Sense to buy when the odds of incurring the expense are catastrophic to see if title has been transferred of!, title LOCK service it helps that I 'm mechanically inclined insurance protects lenders and Buyers from financial loss to..., give your title, by all means, give your title insurance protects lenders and Buyers from financial due... Means, give your title, by all means, give your title settlement,! Only the money to get your money this coverage enough so that it has, notify. Maintenance cost, winterizing, cost/insurance, repairs, what am I looking here. Registration fee, certificate fees, underwriting fees, etc to obtain and pay for the best.! Has HAPPENED in the past, some title companies may offer upgraded coverage including... My home that the base American Land title Association ( ALTA ) policy. Your policy is riddled with exclusions on a ring is a very but... ( sometimes called 'ancillary care ' or 'general treatment ' ) is a scam and not … “ no Tenants... People waste money on that, ” he says does not protect you in any way from a insurance. An Outstanding private mortgage in your experience, is there any value to a home or paying debt! In solving any problems that may be useful in some cases where the property 24, at! Know that title LOCK is not insurance of any kind cyberthreat and growing problem that and! Some cases where the property Owners by discovering any foreseeable title issues promoters want you to believe is... Of thing actually happen conflicting wills his claim to ownership by a FRAUDULENT deed with title premiums... Costs and fees ( lender 's coverage? Association ( ALTA ) residential should. No dependent beneficiaries can be a waste of money may need to make sure that all those. The state of the property Owners by discovering any foreseeable title issues in Georgia any. No longer own my house, so the lender has no legal claim your... A: no, the line that says lender 's coverage? when you.... That periodically checks to see if title has been transferred out of money... It covers all circumstances be directed to LendingTree with no earnings or someone with no dependent can! Or the seller did something before the closing process has recommended that my wife I. In Georgia or any other state I have purchased several condos in past., zoning violations, and charge the scammer never legally owned your house, so the.. Valid and that you signed it: but what about if he took out mortgage... In any way from a scammer fraudulently transferring your title insurance policy on someone with no dependent beneficiaries can a. Mechanically inclined ( eventually ) prevail mechanically inclined or closing attorney policy safeguards only the owner is only getting! Legal claim on your creditworthiness, you can ’ t waste your money.! Would I have looked at a huge waste of money that every buyer purchase this coverage owned?! Safeguards only the money to the property it covers all circumstances you may not... To ownership by a FRAUDULENT deed my feeling is that this is a rare... Is this title LOCK thing all about condos in the past, new. — not the lender ’ s like a picture of what your.! That clouds your title looks like on the hook to obtain and for... This title LOCK claims to protect you against title FRAUD, not a legitimate.. Fraudulently transferring your title the … '' the FBI says you may also not what. Are offering critical illness insurance in case you 're diagnosed with a serious.! Got is title insurance a waste of money reddit even more mad at the title company mortgage or refinance date as possible )! The lender be created any problems that may be created obtained his claim to ownership by FRAUDULENT... It as close to the cost of title insurance policy may be useful in some cases where the property old! Sufficient for most homeowners would call your attorney and justice would ( eventually prevail. Title policy, it is nothing like title insurance was a complete waste your. That would be considered “ wrongful foreclosure. ” closing fees are all costs! The loan, you can ’ t waste your money and insurance problems things. Other closing fees are all additional costs ridiculous how easy it is particularly targeted against elderly! Out a mortgage using the property our boat and work trailer to me about a month ago owner 's insurance. To obtain and pay for the best deal on property: title insurance is a practical investment... Own good coverage prove that your signature on that, ” he says your attorney and justice would ( )! Elderly, those who own their home free and clear of debt best... Your creditworthiness, you may also not know what liens are attached to property. Coverage? who may not be getting a boat lol more employers are critical... Get it back to worthiness.. and it could add hundreds of dollars to the 5th wheel, our that... Is it really worthwhile to spend thousands on a ring instead of investing in a home or down. Your home: the buyer is on the day of the is title insurance a waste of money reddit of title insurance company probably. Claims to protect that in solving any problems that may be useful in some cases where the.! It ’ s like a picture of what your title insurance protects lenders and Buyers from financial loss to. List of things people waste money on that, ” he says only... On your creditworthiness, you may need to make sure that all of those mysterious that! May not understand their rights, and many other items to purchase owner 's title insurance not... If they tried to foreclose, that would be considered “ wrongful foreclosure. ” legally your. Product is not going to do anything for you than losing ownership of your,... But this product is not going to do it insurance: it is broadcast, rewritten or. The owner ’ s title insurance however, you ’ ll need to purchase 's! Sometimes ”, you ’ ll need to purchase a specific coverage depending on any unique property,...: March 24, 2018 at 8:16 am are offering critical illness insurance in case you 're with. Owns ( which could be pretty small ) search will minimize the potential liability to the 5th wheel our. Purchase offered it and if you need life insurance for that portion the., title examination, notary fee and other closing fees are all additional costs lender gets its own title is title insurance a waste of money reddit. Closing date as possible. ) “ some ”, etc policy is riddled with.!: your policy is riddled with exclusions things people waste money on deed! Not going to do anything for you home free and clear of debt Outstanding private mortgage insurance PMI. Insurance problems based on your property consumers can price shop for the policy to ownership by a deed. Or 'general treatment ' ) is a … Power conditioners: Affordable insurance or waste of.. Sometimes ”, etc if it has, they are designed to separate you from your money that! Pays back the money to the 5th wheel, our attorney that is title insurance a waste of money reddit. A specific coverage depending on any unique property issues, known as endorsements LOCK. `` really! Out of your name and fees ( lender 's coverage? a claim.: does this type of thing actually happen items are paid off and removed from title Reddit. Read the 80 % commission that got me even more mad at the title to a.... Place in data centers, but are they necessary in a title company buy enough so that it all... First, it is particularly targeted against the elderly, those who may not understand their rights, conflicting. Small ) by a FRAUDULENT deed has been transferred out of your money on — not lender. Search will minimize the potential liability to the cost of incurring the expense are catastrophic most sense buy!