Judge Orders Liquidation of Guarantee Title and Trust Co.

According to a recent news headline on The Title Report, a Franklin County Common Pleas Court judge has ordered the liquidation of Guarantee Title and Trust Co. Licensed to operate in 14 states, Guarantee Title reported a negative surplus of at least $5.5 million.

"We have received numerous inquiries from lenders whose title company has downsized or gone out of business due to the turbulent and unstable market conditions," comments Elliot Liss, Closeline Settlements' co-founder. "We recognize the importance of maintaining the highest level of customer service regardless of market condition. In the past, market downturns have resulted in our realization of greater market share. This too will give us the opportunity to better serve borrowers, homeowners and lenders in multiple states."

The Title Report states that there is no guarantee fund coverage in Ohio for title insurance. Title policies will be terminated within 30 days of the liquidation order, and policyholders are encouraged to obtain new title insurance.

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