Episode 27: Are Your Loans Safe - The $100K Mistake You Can’t Afford to Make

What would you do if your investment was tied up due to a simple title mistake? This episode explores the critical importance of securing a lender's title policy when lending money. Rich Lennon shares a story about a $100K mistake that could have been easily avoided.. If you're lending money for real estate or working with private money lenders, this episode is a must-listen to avoid devastating financial consequences.You’ll learn how to:Protect yourself with the right lender’s title policy.Avoid losing large sums of money due to title mistakes.Understand the key elements of title insurance and its impact on loans.Safeguard your lending practices with the correct legal procedures.What You’ll Learn in This Episode:(00:10 - 00:45) The risks of lending without a title policy.(1:05 - 1:25) Rich shares a personal story about losing $ 100K.(2:06 - 2:55) $50K property with $100K renovation, no lender’s title policy.(2:56 - 3:40) Buyer claims property ownership, leading to legal complications.(3:41 - 4:20) Mistake in title search results in a $100K loss.(4:21 - 5:05) The impact of not having a lender’s title policy.(5:32 - 5:55) Checking schedules and legal descriptions in the title policy.(6:03 - 7:35) Understanding exemptions and requirements in the title policy.(7:36 - 8:30) Importance of proper wording to protect lenders and investors.(8:56 - 9:20) Ensuring gap coverage and updating title work before distribution.(9:36 - 10:10) Preventing fraud by having the title company conduct final searches.(10:11 - 11:00) Never lend without a lender’s title policy; protect investments.Who This Episode is For:Private money lendersReal estate investorsIndividuals involved in lending or borrowing for property investmentsThose looking to protect their investments from title policy mistakesWhy You Should Listen:You can’t afford to lend money without securing a lender’s title policy. Learn how to avoid losing large sums by making this crucial step in your lending practices.Follow Rich Lennon here:Website: https://richlennon.com/Facebook: https://www.facebook.com/rich.lennon.121Instagram: https://www.instagram.com/richlennon92/#