Despite mounting evidence that many of the nation’s mortgage lenders failed to follow due process when foreclosing on millions of homes, the Obama administration’s top housing official has told lenders they may resume foreclosing on homes. The announcement follows a temporary moratorium that gave troubled homeowners a small respite from foreclosure proceedings. Taking their cue from the feds, two of the biggest players in mortgage lending.  Bank of America Corp. and Ally Financial Inc.’s GMAC Mortgage unit, resumed foreclosing on delinquent home loans two weeks after the temporary halt. Others are expected to resume foreclosures in the near future. At the center of the issue is the concept of property ownership and the conditions that allow a mortgage lender to seize a piece of property from an owner. The laws are very clear about how and when a lender can foreclose, and it appears that lenders, attorneys and others involved in the foreclosure process failed to execute due diligence. The sheer volume of homeowners walking away from or otherwise defaulting on their mortgages buried people in these positions, and we know now that some of them signed more than 1,000 foreclosure authorizations in a day. This is dangerous as it clouds the facts regarding who has the true ownership of some foreclosed properties. The ramifications of these shortcuts have yet to be seen, but the moral of this story is the importance of buying good title insurance when buying a Louisville home. Your insurer has an obligation to research and disclose who holds the deed to a home, whether or not there are any liens against it and other critically important information. For more information about the importance of title insurance and the area’s best selection of residential and commercial real estate, call Louisville Properties today at 502.744.9504