San Carlos Train Station – Built in 1888
LandAmerica Filed For Bankruptcy
Title insurer LandAmerica Financial and its subsidiary LandAmerica 1031 Exchange Services filed for bankruptcy protection under Chapter 11 on Nov 26 and Fidelity National Financial Inc plans to purchase the company. A loan officer in my office has already received notification from some lenders that their title insurance will no longer be acceptable and more lenders may follow suit.
LandAmerica has been hit hard by the 2-year housing slump and falling home values across the country. Business for the underwriting company was booming last summer and its market value was at $1.6 billion. Last June stock shares were selling for $106 and since then have dropped to 20 cents.
From San Jose to San Francisco there are 10 LandAmerica/Commonwealth Title offices and there is no word yet if all of these offices will remain open.
