By all means. While the title insurance coverage afforded the lender and owner is somewhat the same, it is also substantially different in important areas. Because of the diminishing debt of the mortgage and the increasing equity of the owner in the property as payments are made, it is apparent that there could be a complete title failure with the mortgagee suffering no loss because of title insurance coverage and the owner suffering substantial loss because he or she had no title insurance. In fact, if the owner is not protected with an owner's policy, it is entirely possible that payments made by the title insurance company in the process of perfecting title under a mortgagee policy can be made a lien against the property second only to the mortgage under which the mortgage policy was issued. The lien becomes, in effect, a junior or second mortgage secured by the property and must be paid off by the owner after the prior liens are paid or before the property can be sold.

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