According to a press release on LandAmerica's own website dated 11/26/08, the title insurance company and a 1031 exchange subsidiary company have filed for bankruptcy protection. Surprisingly (perhaps just the sake of timing around the holiday?), I have not heard about this at all in the media.
This I just don't get? It seems that for the majority of my REO transactions, these guys seem to be the preferred title insurer.
LandAmerica files for Bankruptcy Protection...
7 comments • Erin Attardi, Realtor - Sacramento, CA 916-342-1372 • December 01 2008 10:04PMComments
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LandAmerica I heard is being bought out by Fidelity National Real Estate Solutions. They own quite a few companies now.
LandAmerica (the title company portion) was purchased by Fidelity Investments today.
I didn't know that either, thanks for sharing.
maybe that's why they went bankrupt?
Fifelity is taking over but lenders apparantly won't fund a loan with LandAmmerica right now so you need to move an escrows if you have an active ones there.
Marcy Moyer Keller Williams Realty Palo Alto Ca.
I used to do BPO's and LandAm is a big one for those. I am afraid a lot of our members will get rooked out of their paltry $50.
Erin - That does seem odd. Usually when a title company goes under it is because of lack of business in a "down" market. However, if it is as you say that Landa America was more involved in REO properties, there certainly hasn't been a shortage of business in that arena.