Gov. Schwarzenegger signs AB-957; THE BUYER'S CHOICE ACT

Finally!! A Voice of reason.  As you all know, I have been following very closely the use of "cradle to grave" closings regarding REO outsales in Maryland and nationwide.  It has been my opinion that the use of foreclosure attorney firms to handle the outsale of REO properties is detrimental to the consumer.  The foreclosure attorneys only do bring to date titles at the time of foreclosure and the companies that they own or manage for use in the outsales rely upon the foreclosure attorney title reports.  So it goes without saying that the consumer is getting less than marketable title in most instances.  It's difficult to find and clear a title problem if you never looked for them to begin with.  The fees being charged to the consumer by the foreclosure attorney's title agencies far exceed those that are being charged by independent title agents.  In the end the only "winner" is the foreclosur attorney firm. 

Now, finally, with the signing of AB-957 by Gov. Arnold Scwarzenegger has mandated that the practice of forcing a consumer to use a selelr's title agent is unlawful in California.  We can only hope that the rest of the country wakes up and realizes that this practice is not good for the consumer, independent title agents and title insurance underwriters, who will ultimately foot the bill of thousands of title claims. Please send this information to your local representative and tell them that you agree with Gov. Schwarzenegger and ask them to follow suit.