I'll bet you don't know anyone who has ever collected on title insurance. It seems expensive, no one wants to pay for it and many people today would say it is not needed. But the turmoil in today's real estate market makes having title insurance even more important. Mortgage fraud, fake mortgage documents and the recent robo-signing scandal make title insurance an absolute necessity these days.
Due to sloppy record keeping, sloppy foreclosure procedures and plain old mortgage fraud you will need title insurance to protect you from heavy losses and maybe losing your home. Due to recent court rulings, if you bought a foreclosed property there is a good chance that the property could revert back to the previous owner with no compensation to you.
Title insurance protects you, the rightful owner, if there are liens or prior claims on the property you own. Mississippi Chancery Clerks and County officials across the nation are discovering forged loan documents in their files. Given today's reliance on easily altered computer data, title insurance is crucial if you want to protect your Mississippi property ownership.