Compliance and documentation go together like education and success. And, the latter is even more determined today by finding the missing pieces in the transaction chain.
Lately, we're seeing what we call the “dirty stuff,” when investors have bought loans or REOs that are under a Land Contract/Agreement for Deed without the proper assignments and recordings required under those arrangements.
This growing trend within the private investment area makes it especially challenging to maintain the integrity of the chain of title with the proper documents. Document retrieval is harder than normal with these trades since we are sifting through collateral and servicing files and public records to pull the correct documentation and find a cure for these transactions.
The cure is not always a simple process in itself and can require much further research, such as beneficiary research contact information. This task can take a lot of creative thinking in finding contacts especially when dealing with private investors but with several tools available via the Web it can be done.
At the end of the day, cleaning up the “dirty stuff” is challenging but invaluable to investors.
— Heather Hendrix also contributed to this blog.
