Facing Foreclosure? Tell The Judge "I've Got Insurance For That!"Submitted by vinceableworld on Mon, 04/01/2013 - 10:23
Why are those in foreclosure not pointing out the obvious?
"Judge I have insurance for that. Here is a copy of the policy:"
(215 ILCS 155/) Title Insurance Act.
(1.5) "Title insurance" means insuring, guaranteeing, warranting, or indemnifying owners of real or personal property or the holders of liens or encumbrances thereon or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, defects in, or the unmarketability of the title to the property; the invalidity or unenforceability of any liens or encumbrances thereon; or doing any business in substance equivalent to any of the foregoing. "Warranting" for purpose of this provision shall not include any warranty contained in instruments of encumbrance or conveyance. Title insurance is a single line form of insurance, also known as monoline. An attorney's opinion of title pursuant to paragraph (1)(C) is not intended to be within the definition of "title insurance".
735 ILCS 5/15-1204)
(from Ch. 110, par. 15-1204)
Sec. 15-1204. Guarantor. "Guarantor" means any person who has undertaken to pay any indebtedness or perform any obligation of a mortgagor under a mortgage or of any other person who owes payment or the performance of other obligations secured by the mortgage, which undertaking is made by a guaranty or surety agreement of any kind.
(Source: P.A. 84-1462.)
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New Living Translation (NLT)
Rules for the Princes “For this is what the Sovereign Lord says:
Enough, you princes of Israel! Stop your violence and oppression and do
what is just and right. Quit robbing and cheating my people out of their land.
Stop expelling them from their homes, says the Sovereign Lord.