Re: closing gone bad to worse
Posted by Frankie on 7/21/08

Please elaborate on your statement regarding the paperwork:
what paperwork? Has the deed been signed? Who's funds were
used to pay off the mortgage: yours or the buyer's? What fees
are still owed, since the escrow account still has the $24K in
it for the closing costs? What fees is the title company
waiting for?

On 7/19/08, Burt wrote:
> Brooklyn, New york
>
> I sold a two family property in brooklyn, New york
> 12/22/2006. At the closing there was an equity loan that
> was paid but the satisfaction letter was never submitted.
>
> It was aggreed at the closing that upon the receipt of the
> letter all paperwork would be transfered and remaining
> funds(closing cost) released from the banks attorneys
> escrow accounts .
>
> Two weeks later the satisfaction letter was recorded.
> Unfortunately the banks attorney for the lender escrow
> account was seized by the AUSA. The ony money that was in
> the escrow account from this transaction were the closing
> fees in the amount of $24k. The title co. states that the
> deed will not be transfered until all the fees are paid
> all though the paperwork has been signed and dated.
>
> NYC records show that I am still the the only person on
> the deed with all leins an mortgage satisfied. My lawyer
> at the time no longer returns my calls. The buyer states
> its not her problem. The buyer's lender option one
> mortgage stated just write us a letter and we will forward
> it to the buyer? I recieving tax statements,and water
> charges.
>
> I even chnged the locks on the door. All they did was
> change them back. It would take at least 3-6 moths to
> attempt to get an eviction in nyc housing court mind the
> transaction. The last two attorneys I spoke with stated
> they ould not be sure where to begin? And suing cost is an
> issue
>
> Q.Is the title company responsible and would it be
> feasable to sue
>
> Q. Can I legally sale this property again, this thing has
> been going on close to two years.
>
>
>

Posts on this thread, including this one

• closing gone bad to worse, 7/19/08, by Burt.
• Re: closing gone bad to worse, 7/21/08, by Frankie.
• Re: closing gone bad to worse, 7/22/08, by Burt.