Fraud

[williamd1972]

Late last year I purchased a home for Four Hundred Eleven Thousand (385,000 with sellers concession) dollars. My mortgage loan is  with Wells Fargo, who purchased my loan a month after I closed.    At my closing there was someone at the closing, who claimed to be representing Title Company, providing Title.  The settlement agent dispersed  a check for Twenty Thousand Dollars to the fake Title agent.  The settlement Agent  says never the check was never cashed.    At the closing,  the settlement agent dispersed checks totaling only 391,000, but I am paying a monthly mortgage on a 411,000 loan .  20,000 sits in escrow with settlement agent.  Am I entitled to escrow money? I could use money for legal cost.

Seller attorney fled with 372,000 dollars. And never satisfied outstanding mortgage with sellers bank. My attorney and broker was part of mortgage fraud, sellers attorney gave settlement agent fake Title   

[ShanetheMortgageMan]

Was this the home you were purchasing the seller you were buying it from, purchased it via short sale, and there were two recorded sale dates in February & March of 2010?  The home that later, in June, there was still a short sale going on?

http://ficoforums.myfico.com/t5/Mortgage-Loans/I-was-so-close/m-p/670133

http://ficoforums.myfico.com/t5/Mortgage-Loans/Nickel-and-Dimming-me-to-death/m-p/687029#M68114

Are you in NY?

If this is that same home, then it sounds like seller owed more than their home was worth, an "investor" comes in and agrees to purchase it and current owner allows the investor to put their name on title so they can legally sell it (probably where the February or March date came into play), however since the current owner still has their mortgage on it, the short sale was never logistically completed, and so even though the person the home is being purchased from is a legal owner - the mortgages on the property were never dealt with properly and so they (as in the "investor" and their cohorts) are all hoping on a wing & a prayer it all goes down properly at the end, or everyone will be out the money that has been spent.  It looks like in your situation the transaction came to fruition, but somehow the sellers bank (which appears to be BofA, or the 2nd mortgage) never sent a short sale approval letter.

Where did you find your attorney?  Were they recommended by the seller or the seller's real estate agent?

[williamd1972]

Yes, it is the same home.  It was the mortgage broker who told me about the property initially.   He also called me back a few weeks after the cancelled closing to say  he worked everything out with the bank, and rescheduled a new closing date.  I discovered later that the seller "quit claimed' the deed to his shell company without satisfying the mortgage. As it stands, Im on the hook with Wells Fargo for 411,000,while  Bank of America holds the first position and will inevitably foreclose on the property.

I have file complaints with DA's Office, Attorney General and Dept of Banking

[ShanetheMortgageMan]

Sounds like everyone was in on it together. Are any of these people still in business?

[williamd1972]

The buyers attorney is on the lamb, my attorney is under investigation for mortgage fraud cases in New York, New Jersey and Delaware.  Mortgage Broker has been  subpoenaed by the DA's office.   I filed a complaint with the Department of Banking a few days ago.   Im am still seeking an answer to my initial question: Am I entitled to monies in escrow?    

Thanks

801-Eq  809- Trans  Ex 812  

[ShanetheMortgageMan]

Sorry I am not sure of the answer to your question, the entire details of the transaction are still fuzzy - as in why is there even $20k left remaining. A full account of every single credit and debit needs to be taken into consideration to determine that.