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LindaH

Florida
1754 Posts
Posted - 03/07/2012 :  06:32:02 AM  Show Profile  Reply with Quote
Yeah..really...wow...

Prommens...couldn't you have brought a counter-claim to recoup your attorney's fees?

Linda
http://www.columbiacountynotary.webs.com
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CopperheadVA

Virginia
420 Posts
Posted - 03/07/2012 :  06:29:27 AM  Show Profile  Reply with Quote
Wow prommens that is scary stuff! How long did this drag out for you until you were dismissed from the lawsuit? Of course the notary has no involvement in ensuring that the old loan is paid off. I feel bad for these people though - what a mess!
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TGS1985

California
208 Posts
Posted - 03/06/2012 :  7:52:21 PM  Show Profile  Visit TGS1985's Homepage  Reply with Quote
Mind sharing what insurance company you got your policy with? That's not too bad of a price for $1 mil coverage.

- Tyler -
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prommens

Alabama
1 Posts
Posted - 03/06/2012 :  7:24:57 PM  Show Profile  Reply with Quote
I wish to make all notary/signing agents aware of the need for insurance other than E&O. Errors and ommissions covers just that: if you make an error or leave off vital information. It does not cover you if you are accused of ANY OTHER misconduct. I have just been dismissed from a frivolous lawsuit that cost me about $4500. I had witnessed a loan signing in 2009 for an elderly couple who were refinancing a loan from 2006. The lender in the new loan failed to pay off the previous loan and they are being threatened with foreclosure. They are suing everyone to try to reach some settlement. Their lawyer included me because I was the only person with an Alabama presence and he wished to try the case in Alabama instead of federal court. I had to retain legal counsel and defend myself. I was dismissed from the suit and my lawyer suggested that I try to obtain other insurance. Today I made payment on a Business Owner's Policy that will protect me should any other such frivolous suits come up. It covers me to the tune of 1 million and cost a bit less than $500 a year. Look into this because after the mess from the past few years, who knows what may occur.
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