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Contributor
Mannyy
Posts: 16
Registered: ‎04-09-2008
0

Escrow problem

I'm in escrow to buy my first home, bank owned foreclosed. The escrow closing date has passed and now I'm told that the trustee hasn't transfered the title to bank. My deposit money is sitting in the escrow for the past 45 days, don't know how its going to end and nobody know how everything is going to play out. I have contacted my agent, sellers agent, escrow company and still no answers. All I am told is that the property was put on sale ahead of the completion of paper work. Would appreciate if you can share your thoughts on the following:

 

1. How can I contact the legal dept. in the bank to find out what is actually happening

2. Has the bank foreclosed impropertly and is the earlier owner is taking legal actino against them

3. What are my rights and do I even have any recourse here.

 

Thanks

 

Silver Contributor
basschick
Posts: 497
Registered: ‎07-17-2012
0

Re: Escrow problem

perhaps you should try contacting your lender or lender's rep - seems like he/she is the one who would be able to give you the best idea of what to expect when it comes to financial issues, not the agents.  another option - but i'd definitely start with the lender - would be a real estate attorney. 

 

what has your agent been told regarding the situation, and has your agent sent a notice to perform?

Platinum Super Contributor
Nanomug
Posts: 10,441
Registered: ‎05-30-2009
0

Re: Escrow problem

Keep bugging everyone: agents & their brokers, lender, title company and escrow company. It's hard to say but it does sound like something is going on.  

 

Read the preliminary title report to see if there are any defects.  Ask the title company if something new has occurred.

 

 

Contributor
CarolineGerardo
Posts: 11
Registered: ‎01-12-2013
0

Re: Escrow problem

If the close date passed because you did not get loan documents on time and perform, you don't have a leg to stand upon in hiring an attorney as someone suggests here. Ask your escrow officer to ask the title company to date down the preliminary title report (get a current look at what liens or problems happened last weeks). What are the defects that appear?

NMLS #324982
Contributor
Mannyy
Posts: 16
Registered: ‎04-09-2008
0

Re: Escrow problem

All I am being told is the property is still in the name of the earlier owner. The bank hasn't transfered the title to its name and hence the delay. I am lost to understand how such a property can even get listed for sale. I will consult an real estate attorney to see what my options are.

Super Contributor
brandonbw
Posts: 225
Registered: ‎03-20-2012
0

Re: Escrow problem


Mannyy wrote:

All I am being told is the property is still in the name of the earlier owner. The bank hasn't transfered the title to its name and hence the delay. I am lost to understand how such a property can even get listed for sale. I will consult an real estate attorney to see what my options are.


We had something similar happen to us on our short sale.  When we said we wouldn't remove our contingencies until escrow was going to close like all of our paperwork showed, they offered to sue us for not following the terms.  We had a big fat WTF moment as we said the house can still be damaged as we pay the full amount but can't take possesion of the house.  The banks are screwed up.  The only thing sort of working was the title company once we went up the ranks and started screaming.  We also made the mistake of putting 20% down to show that we were serious in the beginning.  That was also threatened to disappear.

 

All of this mess because GMAC didn't know what they were doing.  And it turned out that story was even worse when we found out what was going on there from someone else.  A dog running around in circles in space has a better chance in not screwing these sales up.  Lets just say I bet your foreclosure paperwork is sitting on a desk in an office with no one in it.  See at least the dog might travel back down to earth and can wag its tail which might make the paperwork move is more useful than the people supposedly working this stuff.

Contributor
Mannyy
Posts: 16
Registered: ‎04-09-2008
0

Re: Escrow problem

Do you happen to know any good real estate attorneys.

Platinum Super Contributor
buyinghouse
Posts: 5,890
Registered: ‎04-23-2011
0

Re: Escrow problem


Mannyy wrote:

Do you happen to know any good real estate attorneys.


Call the DRE prior to anything. They may do something.

Redfin Partner Agent
Adam-la
Posts: 1,914
Registered: ‎03-15-2011

Re: Escrow problem

I'm licensed by the CA DRE and can tell you it is a complete waste of time to bring complaints to them.   They hide behind the "our budgets are cut' explanation about why their enforcement team doesn't do anything.   

 

I recently brought to them an airtight example of an unlicensed company doing business as rental agency and they have done zero enforcement or follow up.  All the addresses, contacts, names and numbers.  even took a picture of the front of the building for them.

 

For a while I was keeping track of it on a blog but decided I had better things to do.

 

http://paradiserentalsmontebello.blogspot.com/

 

 

Redfin Partner Agent
Adam-la
Posts: 1,914
Registered: ‎03-15-2011
0

Re: Escrow problem

To the original poster:

 

- Look for a file in your folder called Preliminary Title Report and open it

- In the top of the first page will be the name and phone number of the Title Officer assigned to the project.   That is your BEST source of information about who owns the property, what is going on with the title policy and what will need to happen for the bank to be able to sell you the proprty with insurable title.