Posted by Margaret Ormond on 8/5/08 1:42pm
Msg #258623

LFC checks bouncing!!!

Lender First Choice's check bounced!!! Beware!!! I've done three additional signings and now know that I've been cheated out of a lot of money. Can't reach anyone at any of their sites. How the heck does this site give them 5 stars???????????????? Not too credible!

Reply by Pat on 8/5/08 1:46pm
Msg #258626

This site has contained many posts over the past 7 days about LFC. It had earned a 5 star rating, before the current state of the mortgage industry.

Reply by AZsigningZ on 8/5/08 1:49pm
Msg #258629

Re: 2 for me bank just called

4 more from July that I know I will not be pain on.

Reply by BrendaTx on 8/5/08 1:55pm
Msg #258635

Search for posts from MW/VA and Therese whom I believe

have not had complete failures at turned checks. Their posts may shed some light.

Reply by jba/fl on 8/5/08 1:58pm
Msg #258637

Their checks were on Trust Accts. n/m

Reply by jba/fl on 8/5/08 1:58pm
Msg #258639

Sorry - if I recall correctly. n/m

Reply by CopperheadVA on 8/5/08 1:55pm
Msg #258636

Margaret, there have been many posts since last week about LFC closing it's doors. Use the PREV (previous) button on the Notary Talk page to go back a few days and read all about it.

Reply by Kevin/Ct on 8/5/08 2:09pm
Msg #258644

Well, if they filed for bankruptcy the checks could possibly be treated as preferential transfers under the bankruptcy law. Had they not bounced you might have been required to repay the funds into the bankrupt estate.

Reply by Ocean Pacific Notary Services, Inc. on 8/5/08 2:20pm
Msg #258647

Which LFC account is this for - and the bank name. Not all the checks are bouncing. This title company dealt with several banks across the US. So to say all their checks are bouncing may be misleading.

Reply by LynnNC on 8/5/08 2:24pm
Msg #258648

I have a check drawn on USbank and it doesn't indicate that it was a trust account. I wasn't going to bother depositing it, as I figure that it will come back anyway and then I will have a returned check charge.

Reply by DianeCipa on 8/5/08 2:29pm
Msg #258650

former employees shedding light.......

"Why did the Hauptmans drain $500,000 (there supposedly was a phone call from Patty telling UTT to send all money they could because they were changing banks because they weren’t happy with US Bank) out of operating two weeks before this shut down and where are the $600,000 in operating deposits from Tuesday 7/31 left in the care of the CEO of UTT who I might add is now working for FATCO?"

Reply by Ocean Pacific Notary Services, Inc. on 8/5/08 2:32pm
Msg #258652

Re: former employees shedding light.......

US bank seems to be the one bank that all the bouncing checks have in common. Comerica Bank is used by ART/LFC in Rocklin and we have had no issues with bounced checks. And again, this is the trust account which there should be no problems with at Comerica.

Reply by BrendaTx on 8/5/08 2:33pm
Msg #258653

thanks for continuing to keep us posted on the underbelly

behavior of LFC.

Reply by DianeCipa on 8/5/08 2:33pm
Msg #258654

as I said before

let your state insurance regulator help you......

If you can give them something concrete like a bounced check, they can act. Bouncing checks is criminal and they haven't filed for bankruptcy yet so let the state help you help all.

Trust me when I say all of the state insurance regulators are in emergency mode trying to make certain this doesn't snowball into a big disaster. Give them help, please.

Reply by Les_CO on 8/5/08 2:38pm
Msg #258656

Re: former employees shedding light.......

I'm sure they are just holding these funds, (somewhere) to pay notaries for their services, just in case they were not listed on the HUD so their fee would come out of an escrow account. You people are sure suspicious!

Reply by BrendaTx on 8/5/08 3:01pm
Msg #258663

maybe I am, Les! But time will tell.

I am usually a pretty optimistic person but I am also realistic. I hope that you are right and that I am 100% wrong...that's a sense of dread I could do without. (My gut reaction to all this.)

Reply by Les_CO on 8/5/08 6:01pm
Msg #258694

Re: maybe I am, Les! But time will tell. Brenda

My post was in jest. perhaps I should have added like in the Cayman Islands?

Reply by DianeCipa on 8/5/08 3:04pm
Msg #258664

responsible disbursement

I wouldn't be sure of anything other than there was insufficient funds in the account.

Reply by Philip Johnson on 8/5/08 3:15pm
Msg #258669

Former, perhaps unpaid, no severance

employees may not be your best source of information. They may have an ax to grind and if not true you pretty much have slandered the aforementioned people.

Reply by DianeCipa on 8/5/08 3:35pm
Msg #258674

it's an interesting study in perspective, isn't it?

how many thousands of people harmed and how many stories do we have to hear........over how many months........

they may have an ax to grind, but I do believe them

Reply by Philip Johnson on 8/5/08 3:43pm
Msg #258676

Then tell us your source and let us sort out fact

from innuendo. Otherwise it's just another rumor thrown out to rile up the torch and pitchfork crowd.

Reply by DianeCipa on 8/5/08 3:51pm
Msg #258678

My sources are confidential, however

if you want to follow this closely, watch the posts on the Pink Bunny Ears blog. It's the best clearing house for this issue.

Reply by Philip Johnson on 8/5/08 4:02pm
Msg #258679

Oh. Okay, G. Gordon. n/m

Reply by Les_CO on 8/5/08 6:32pm
Msg #258701

Re: Oh. Okay, G. Gordon.

I personally know people that have (and still are) working for some of the Mercury Companies. From the receptionists to senior VP’s. Some with years of service. Many very smart, competent, trustworthy and moral people. No, I’m not going to list their names, or positions. I can find no fault in what Diane has posted. Hauptman ran some of the very best companies, with some of the most talented and hard working people you can imagine, for years. And this whole ‘meltdown’ is not all his doing. His responsibility (indirectly) yes, but there are many factors involved, his biggest fault (IMO) was trying to expand too much, and retract too slowly. But that’s hindsight.

Reply by Philip Johnson on 8/5/08 8:42pm
Msg #258728

She infers that he took 1.1 million dollars.

You say that he and a slew of talented others ran a pretty good company, but got caught by circumstances. Do any of your "friends" concur with the thought that the money was absconded?

Reply by Les_CO on 8/5/08 10:35pm
Msg #258742

Re: She infers that he took 1.1 million dollars.

I don't know, and wouldn't ask. This all is a very complicated deal, mostly having to do with First American, maybe he considered the money his? But a million dollars was pocket change to Jerry. Maybe that a week?

Reply by NCLisa on 8/5/08 3:04pm
Msg #258665

Trust Account checks can bounce too! Just because

a check is drawn on a trust account does not mean it has enough funds in it to cover checks. It happens all the time.

Reply by Linda_H/FL on 8/5/08 3:07pm
Msg #258667

Re: Trust Account checks can bounce too! Just because

IME if the trust account is handled properly checks shouldn't bounce...it's money in and money out - a wash....and checks normally aren't drawn or disbursed until the funds are there to honor those checks. Again, that IME and *IF* the trust account is handled properly...if not that's a whole other ball of wax. MHO

Reply by Ocean Pacific Notary Services, Inc. on 8/5/08 3:40pm
Msg #258675

Re: Trust Account checks can bounce too! Just because

You are right Linda, if handled properly. Again, the only bank account we have heard so far that is the problem is the one for US Bank. And it appears that is was not handled properly. Which of course, means some are out money, sadly. Perhaps, there can be criminal charges filed by the victims.

If anyone else has had the same issue with LFC/ART, please let all on the board know. But for right now, it does not seem to be happening.

Reply by MW/VA on 8/5/08 6:17pm
Msg #258696

Re: Trust Account checks can bounce too! Just because

Does anyone have any information (fact vs. fiction) if it was US Bank that put Mercury Cos.
out of business by cutting off their credit line? Again, look up previous posts. I have heard nothing except rumor of bankruptcy. It is my understanding that the business is being shifted to other title companies. I think we need to wait for the cards to be shuffled & dealt.