SARASOTA, Fla., Nov. 9, 2016 /PRNewswire/ -- PropLogix (proplogix.com), the company known for providing real estate due diligence for closings, is now broadening their services to help title agents track payoffs after closing.
Payoff Tracking involves closely monitoring and searching public records to ensure that mortgage and credit line satisfactions, subordination agreements, and foreclosure judgments are properly recorded. "After talking with the biggest underwriters in the industry, we realized that this type of post-closing due diligence just wasn't happening," said PropLogix CEO, Tim Healy. "Overlooking payoff tracking puts underwriters and title agents at risk for title claims and we can help them to eliminate this risk, while saving them time and giving them peace of mind." In one case, a home equity line of credit was paid down to zero, but the bank failed to close the account. The former owner then ran up charges on that credit line, resulting in a very costly title claim. Had the title agent tracked this payoff to ensure that the satisfaction was timely filed, the situation would have been identified and resolved in months--not years. "By Florida statute, banks have 60 days to record satisfactions in the official county records. By that time, a title agent has moved on to dozens of other files," said Healy. "Now, they'll be able to trust that PropLogix will track and resolve any issues."