...Monies have disappeared.? Their account is frozen and on the day of my closing, I have learned there was only $1400 in their account. My new company sent the title company money to pay off my existing mortgage. Needless to say, the pay off was never sent. The homeowner's insurance check returned as well. I have contacted the BBB, Dept of Finance, Federal Trade Commission, Dept of consumers' affairs and our local tv station. It has been 30 days since the closing, January 11, 2008, and my old company just reported me late on my credit report and keeps calling for their payment or payoff. A claim has been filed with the title insurance company. Can anyone out there think of something else that can get this taken care of faster? And also, I am trying to find an attorney to handle this and protect my rights as well as home and so far, no luck with that either since this is an untreaded category. And on top of all that, I have a new mortgage that is due March 1!
I have already received new statement from new company. New company DID pay funds to title company. I DO HAVE 2 mortgages.

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Ouch! Thats a nightmare of a situation and I wish you well.

Have you tried contacting your local Senators office and requesting constituent services? Generally they can assist in really odd situations and help you resolve the issue. The biggest problem is that you will have late payments tacking on because of that old mortgage.

Seriously what a hassle. Unexpected pain in the ***. Good luck.

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You are contacting all of the wrong agencies.

1. You need to contact the Banking Commission of your state.

2. You need to call the Secret Service Department....yes, that sounds crazy, but they are under the Department of Treasury and ALL BANK FRAUD falls under their jurisdiction...NOT the FBI.

The Real Estate Commission does NOT regulate title companies.

All of your contacts are with non-enforcement agencies.

Keep in mind that you are NOT responsible for the disappearance of the funds...you would just have to keep the mortgage that you currently have...since no funds were sent to your CURRENT mortgage company, then the OLD MORTGAGE WAS NOT RELEASED.

You DO NOT owe the "new" mortgage company anything b/c you received no benefit, nor are you at fault. DON'T SEND THEM ANY MONEY!!!! You didn't get the old mortgage paid off did you? No money = No contract.

Keep in mind, not a single agency you contact will consider a refinance an emergency....so don't expect them to move heaven and earth to make it happen.

YOU MUST PAY YOUR CURRENT MORTGAGE COMPANY....so give them a call before you get a foreclosure added to this nightmare. You still should have paid January payment anyway.

Banks have insurance that covers things like that.

PS: I fail to see how you are out of anything, other than the transaction cannot be completed, unless you paid the title company money up front.

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Your situation is too scary to contemplate. Contact the state real estate commission and the state insurance commissioner. They will be aware of what is going on with the title company and may be able to give you some guidance. Good Luck!!

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