Posted by Therese on 8/1/08 1:19am
Msg #258080

ART.....Lender Choice Title......Checking Account

I received a couple of checks today drawn on Comerica Bank in the name of Lenders Choice Title. I called Comerica to verify the account and it is still OPEN. Unfortunately banks do not verify funds anymore due to the liability.

I have deposited several checks from ART on a routine basis and have not have one returned yet.

In an earlier post someone mentioned their checks were returned Refer to Maker. This can be for a multiple of reasons but typically not NSF. Refer to maker can be irregular signature or endorsement, encoding problems, post dated check just to name a few examples.
When a check is returned for account closed or NSF it is usually stamped as such.

Reply by cassiewi on 8/1/08 6:45am
Msg #258084

Mine were drawn on US Bank

When I spoke with Susan Orton she stated that the bank account was closed.

Reply by BrendaTx on 8/1/08 8:59am
Msg #258100

**I have deposited several checks from ART on a routine basis and have not have one returned yet. **

Haven't we all?

Let us know how those couple of checks you are holding do when you deposit them. I hope you squeak by.

========================
Anyone want to place bets?

My dollar goes into the pot that says the checks won't be honored.

Reply by Therese on 8/1/08 9:28am
Msg #258109

The checks I deposited last week and the week before that and the week before that ...etc.....etc......etc........ have not been returned. Now mind you it might be to soon to
report on last weeks deposit but I am optimistic.

Reply by Therese on 8/1/08 9:40am
Msg #258110

Re: Funds are good.....today

I have a friend who is a VP at a very Large Bank and she was able to get ahold of another VP at Comerica this morning and he said that the funds in this account are VERY GOOD. So now I will keep my fingers crossed that they will be the when my check present.

Considering taking you up on that bet Brenda

Reply by jba/fl on 8/1/08 9:59am
Msg #258112

Re: Funds are good.....today

I'm a witness to that bet...the time to do a bet is before final knowledge.

Reply by PAW on 8/1/08 10:01am
Msg #258114

>>> Anyone want to place bets? My dollar goes into the pot that says the checks won't be honored. <<<

Brenda,

I'll take that bet. ART is not going under, per se. Unfortunately, LFC has. They (ART) are looking to be picked up by another national title company. Hopefully, they will be able to move swiftly and find a new and stable adoptive parent.

Reply by Therese on 8/1/08 10:05am
Msg #258115

(ART) this division if very viable and it would be a good merger for any large title company to pick up its business. I thinks its safe to say that it has already been done and teams are in training.

Reply by BrendaTx on 8/1/08 10:16am
Msg #258118

As long as we are talking about THE check in Therese's hand.

They are bouncing among the Texas network.

I'll hold my bet.

Let us know, T.

Reply by MW/VA on 8/1/08 10:21am
Msg #258120

The checks I received from ART were drawn on Commerica Bank/trust account. There is way too much rumor/panic that all the checks coming from them won't be any good.

Reply by Therese on 8/1/08 10:24am
Msg #258122

I agree MW. Thats why I posted to help relieve some of the DRAMA.

Reply by BrendaTx on 8/1/08 12:45pm
Msg #258155

I hope it is just "drama", MW and Theresa but...



I just got this email from the network member...and I just want people to aware that the possibility of the checks clearing are currently not good FOR TEXAS, anyhow (private information redacted below):

"I read your posting today in NR.. and your assumption is correct .....I just received a call from xxxxxx, LFC, to let let me know that LFC closed and that the only way to recoup my fee of $190 will be thru legal action as all the ART's TX files were secured by LFC......

It's a bad feeling to know that all my effort and expense to close this transaction was for free."
---------
Checks issued on Texas files are definitely in trouble it would seem.

Good luck and I hope it is just "drama".

Reply by BrendaTx on 8/1/08 12:46pm
Msg #258156

Sorry...should have been "Therese". n/m

Reply by MW/VA on 8/1/08 2:21pm
Msg #258176

Update--I received two checks today from ART in Rocklin, CA. I have no reason to believe the checks aren't any good.

Reply by BrendaTx on 8/1/08 2:37pm
Msg #258179

And, we all hope that you are right! Keep us posted.

Reply by DianeCipa on 8/1/08 5:02pm
Msg #258214

Please, if you've got a check like this that bounces...

contact the state insurance regulator. They need as much information as possible to do damage control.

Reply by WDMD on 8/2/08 2:21pm
Msg #258268

Re: ART-Lenders First Choice-Different Checking Account

I guess Maryland is different as far as what bank LFC uses. Just received a check today from LFC drawn on Wachovia Bank. It states it is from their Maryland Trust Account. Going Monday to Wachovia and see if it's any good. Not going to take the chance and run it through my bank.