Second Mortgage Lien Insurance
Second Mortgage Lien Insurance is used in place of a traditional Owners and Encumbrance (O&E) Report and Courthouse Searches to insure against any unknown liens that could move an institution out of planned lien position (ie. Other unknown loans or Tax Liens).
Coverage responds when:
- Discovery of a previously unknown, undisclosed , intervening lien affects the status of the loan
- Loan must usually be in default before claim is paid.
Qualifications Guidelines & Eligible Properties
- Home Equity/Second Mortgage/Home Improvement Loans up to $500,000 loan amounts
- Refinance First Mortgages up to $500,000 loan amounts
- Loan-to-value not to exceed 100%
- Loan must be submitted for recording within twenty-one (21) days of loan closing
- One-to-four residence, townhome or condominium
- Property must be located in the United States
- Per loan cost between $55-$75
Benefits of Second Mortgage Protection
- Insure for your lien position
- Reduce your closing costs
- Save Time! No waiting for title search to come back
- GAP coverage –Insure against liens being recorded ahead of your position
No expense for loans that do not close!
Give us a call or fill out the form on this page to learn more about second mortgage insurance.