The mortgage rates are still relatively low, but some people may have unpleasant surprises in the mail, as their mortgage payments can quite unexpectedly go up with no apparent reason.

The matter is, you need to be extra-careful with the status of the property you buy. Buyers hire the title company and pay a title fee for their services to check that there are no foreclosures on the property. However, this is not a dead sure guarantee that your property is safe. Sometimes you may have to find out unexpectedly that the house is still has a lien claim against it. This happens when liens are filed months after the property is checked upon by the title company. If this happens, the title company will not be liable for the damage the unexpected lien can do to your finances. In this case, even the title insurance you buy to fight against problems with the title if the title company messes its job. If the lien was filed later on, the title company will not take the blame: after all, they were not there when the lien was filed.

Sometimes notices are sent to the township and the previous property owner, and the person who bought the house remains ignorant as to what is going on. The lien will be carried by the new owner, however, and will dramatically increase the borrower’s property-related payments.

The bottom line is simple: one should be extremely careful with the title when purchasing real estate. Hiring a lawyer is costly, but can save you significant funds later on.