Profile picture for jdarlingrn

My escrow closed 2weeks ago,realtor informed me yesterday that BofA sent back escrow check, twice??!

Bank of America has not responded to anyone regarding why they sent back the escrow check.  The property I purchased was a short sale, as a primary residence for myself, I am a first time buyer.  I have started construction on half of the home and am currently living in the other half.. The home is recorded in my name in every way possible. What do I do?!

  • April 02 2011 - Lomita
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Answers (22)

It's good to hear that in their legal opinions your title insurance will take care of you.

I've always been a proponent of title insurance but in the last year I've practically shouted from the roof tops 'BUY TITLE INSURANCE'.
  • April 20 2011
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Profile picture for jdarlingrn
So I have now talked to 3 Real Estate Lawyers and they all say about the same thing: this is why you have title insurance, let them do there job, these things take months to be resolved.  One even mentioned he had never heard of a bank going after an honest first-time home buyer; I am not at fault on payments, all paperwork was completed to a T. 

This is not at the point yet for lawyers to be involved according to them. 
Im trying to be patient and wait it out, I do hold all closing documents and title to the home afterall and that gives me peace of mind.

Thanks for everyones advice and if anyone knows anyone at BANK OF AMERICA tell them to respond!
  • April 20 2011
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Turns out the "negotiator" that I was forced to pay $10,000 to had  a deed executed on the property in 2010, deeding from someone with the name J.B. to R.W.  I don't know what exactly was going on...  In any event, this may be a red flag to BofA.
  • April 19 2011
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The title company's lawyer is concerned with the title company's interest only.

Foreclose???   you don't have a mortgage held by boa.  

if the courts rule that boa stills owns the property, you'll have to move out or boa will take legal acgtion to get you out.

i hope that doesn't happen.  it probably won't.  But if it does how much money will you loose???

get a lawyer.



  • April 19 2011
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Profile picture for kristisar
around a dozen people on here have suggested you contact an attorney. You could lose your house, and you dont want to pay the money to at least have some representation?

And truly, do not rest on 'Posession is 9/10ths of the law.'
  • April 19 2011
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Lawer fees-$400/hr and $1900 retainers fee. I guess Ill be sticking it out, Fidelity has real estate lawers that can come into play if it gets to that point.  As for now were gonna stick it out and wait for a response from Bank of America.  Posession is 9/10ths of the law. 

Has anyone heard of this?  Can my home be forclosed on by BofA? Why would they choose not to respond?
  • April 18 2011
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who accepted/approved the short sale amount you offered???  where's the document from boa?   

buyers and sellers are represented by attorneys.  sounds like you did not have an attorney, but your getting one tomorrow.  well i'm sorry to say you're two months to late.

get an experienced real estate attorney.

the one thing you may have going for you is your title policy, but depending on the type of policy you have, you could still loose money, (the cost of the construction you started, for one thing; i'm not sure about liability for damage to the home, i.e. the demoliition you started) if, and i hope it doesn't happen, the home is taken from you. 

the reason i say you "may" have going for you in regard to the title policy is that you haven't lost the purchase amount.   you tried to pay the funds out but they weren't accepted.  so you didn't loose the full purchase.  for a regular title policy the insurer would be responsible for the amount you paid for the property.  again, you didn't pay for the property (not yet). so the question is how much is the title company lible for??? 

if you can't prove that boa agreed to accept the short sale amount, it sounds like the title company may have to pay a few thousand in addition to what you were intending to pay to get to an amount that will satisfy the bank.

i hope it works out in your favor. please update us.

Good Luck 





 









  • April 17 2011
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Seeing a real estate attorney tomorrow.  BofA wont tell me anything because I am "not their customer".  I am totally in the dark, its been one month and nothing has been accomplished.  I am living in this home, hold the title, construction is almost finished and I still dont know what to think.  Many ppl tell me they cant take it away and it will be handled by Fidelity, my title insurance co.??
  • April 17 2011
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I would get an Atty too.
  • April 04 2011
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Just talked with Fidelity b/c nobody else can really give me any answers, (I have insurance on the title with them) so they told me worst case senario if BofA wont talk with them and they try to forclose the house they will take it to court.  She feels that it wont get to that point and that their attorneys will handle it if it does. Either way they cant take it away from me.
  • April 04 2011
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Profile picture for Ofe Polack
I still say CALL A REAL ESTATE ATTORNEY
  • April 04 2011
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Profile picture for SteadyState
Brian Teyssier says "contact a real estate attorney". Please explain as I am confused. What is the responsibility of the agents who receive compensation? This appears to be a transaction issue.
  • April 04 2011
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Yes, I signed all of the closing documents at escrow.  The house is in my name in every way possible, I am living in the house and have started construction on the house.  This is the problem, no one has ever heard of anything like this happening.
  • April 04 2011
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got the preapproval and passed along the ok to everyone but he did not the final ok from the bank

So did you attend a closing or not?
  • April 04 2011
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This is what I am being told from the escrow company: the negotiator (that I had to pay 10,000 to)  got the preapproval and passed along the ok to everyone but he did not the final ok from the bank? The negotiator tells me: there was a paperwork misunderstanding and he is going to have a meeting with the title company tomorrow to find out more, no need to get a real estate attorney at this time. My realtor tells me the escrow check has been sent twice and returned without instruction both times. 

Has anyone heard of this happening?  The home is completely in my name...Can the Bank of America take my new home away from me? Why would they want it, its under construction at this point?!
  • April 03 2011
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Yeah... something is not right here.  Did your closing agent and your Buyer Agent have experience in short sales?

Perhaps someone got their signals crossed and mistook a verbal approval from the negotiator as a final approval.  Was the approval reduced to writing?

Sounds like someone's E&O insurance is going to be working overtime on this one.  Definitely, definitely, definitely contact an attorney.  I can not believe your Broker told you NOT to contact one.
  • April 03 2011
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Profile picture for Ofe Polack
  If the title company conducted the closing, that means that BOA had approved the HUD and send the closing package to the title company, you signed the documents, made payment and took possession.  Something is definetly not right! I would contact a real estate attorney immediately.  Please share with us the outcome of this matter.  Can't wait to hear what happened! 
  • April 03 2011
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Also, they cant just 'say no' on the day beore closing. There is something called specific performance, so unless they have a valid, legal reason to cancle the contract, they were in breach. Call an attorney.
  • April 03 2011
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What do you mean on the last day they said no? If you closed then the closing agent had a closing package from the lender, and if they had a package, did they also have an approved HUD signed off by an agent of the lender? How did you take possession of the home without funding? 
  • April 03 2011
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Then forget what your Realtor said and contact an attorney. This sounds like a legal issue, and your Realtor is not qualified to give legal advice.
  • April 03 2011
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My realtor said I dont need to get an attorney at this time.  Can they take the house back from me?  I guess BofA preapproved everthing but on the last day said no but nobody informed escrow or the title company.  Ive already started construction, walls are knocked down and everything
  • April 03 2011
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Contact a real estate attorney.
  • April 03 2011
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