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ProTitleUSA Successfully Launches Bankruptcy search integrated w/ All-in-One Dashboard


1st Lien market:


ProTitleUSA launched a new product "Bankruptcy Review for 1st liens" with integration to Tax/Title/Township/BK Dashboard. The final deliverable to investors is an all-in-one integrated dashboard with bankruptcy search, cross-verifying information from data tape, tax and title with BK results. Per Alex Goldovsky, ProTitleUSA CEO, "I personally think its a very powerful tool. It allows investors to review the Bankruptcy results in context of Title data reporting and Data Tape validation." Note buyers typically run Title and Tax due diligence separately from Bankruptcy scrubs and therefore, comparing the results on the failed assets towards end of the diligence cycle, as a manual labor intensive task. The new all-in-one dashboard integrates cross-checking of Bankruptcy Proof of Claim and Plan data with Title dashboard to save valuable time in diligence review cycle.

Here are some of the highlights of Bankruptcy search and reporting:

1. Bankruptcy Overall Pass/Fail
2. Datatape Cross-Validation of UPB
3. BK Proof of Claim Deadline Review
4. Datatape monthly payment cross-verification
5. Cross-Validation of Title Data on Secured Lien to Bankruptcy Reported
6. Inclusion of subject property in the Bankruptcy
7. Subject mortgage was stripped through Bankruptcy
8. BPO Value or Market Value Cross-verification
9. Transfer of Claim lender's name matching to Title (O&E)
10. Predictability of Bankruptcy Success Rate

Per Veronica Sones, Director of Client On-Boarding, "We see a huge benefit of Title/Tax integration with BK results. It marries the secured lien data reported through Bankruptcy, such as Taxes, HOA Dues, Utilities and City Liens with title, as well as, checks for any red flags pm loans while in Bankruptcy." This approach also re-validates important items on the datatape to make sure that BK assets are presented accurately.

Existing clients: Please, schedule a demo with Veronica Sones to discuss the benefit to current SoW and deliverables.

New Clients: If you are buying over 20+ loans/mo and would like to give us a try on acquisition due diligence, we can offer to run a small sample pool for you at no cost to get you familiar with our products.


2nd Lien market:


ProTitleUSA launched a dashboard bankruptcy scrub integrated with 2nd lien dashboard deliverable to verify if the lien was stripped through the bankruptcy at the acquisition diligence time. Please, schedule a demo with Veronica Sones to discuss the benefit to current SoW and deliverables.

Title Insurance Market:


If the Bankruptcy found in Title Report for property closing or refinance, title examiner needs to read through the motions and plan. A situation that arises fairly often when an Abstract of Judgment has recorded and the seller has subsequently filed for relief under the bankruptcy laws. The discharge of the seller’s bankruptcy does NOT eliminate the lien of the recorded judgment! Once the judgment has been recorded, it becomes a “perfected lien” and can only be removed by an “Avoidance of Lien Order” from the bankruptcy court.

A bankruptcy discharge may have relieved the debtor of personal liability, but it does not eliminate the lien. In other words, the creditor may not be able to attach the wages or property of the debtor but he still has a lien against the property which can be enforced against a third party… such as a buyer of that property.

A title company will not insure over that lien for this reason and will require either the proper court order or the payment of the lien.

Bankruptcy must be finalized first:

Once discharged through bankruptcy, however, the lien does NOT attach to property purchased after the bankruptcy is final. Thus, a judgment lien against a buyer who went through bankruptcy may not be a concern.