Posted by Benny Gray on 8/2/08 11:10am
Msg #258258
Lenders First Choice
My son sold his house to a lady who was getting her loan from Country Wide. I'm not sure how all this works but anyway! A notary came on Tuesday July 29th about 4 p.m. to close on the sale. He stated that he had to have the paper work back in within four hours because it would fund on Wednesday the 30th. If I understand all of this correctly and the information that Country Wide gave my son, the funds were sent to Lenders First Choice on Wednesday. We now understand that Lenders First Choice has closed the doors and gone bankrupt. They mentioned something about First American Title Company taking over their accounts.... My sons mortgage company as of this date still has not received the funds from Lenders First Choice. Just grasping at straws on this but does anyone have any ideas on this?
Benny
|
Reply by Lee/AR on 8/2/08 11:38am
Msg #258260
Ouch! First, understand that the Notary can't help you. Both the lady & your son need to get on the Loan Officer's back & stay there until this is completed to their satisfaction. (He probably won't know, either, but he IS the best contact person. Yes, I have also 'heard' that First American is taking over their accounts. How this works, like you--haven't a clue.
|
Reply by MW/VA on 8/2/08 11:51am
Msg #258262
It's complicated & I don't have any factual information for you. I don't know that LFC is bankrupt--they are closed down. The LO will need to track what is going on. I wouldn't assume that the transaction is void, so hang in there. It was obviously a purchase, because there was no RTC. It sounds like the buyer is now in possession of the property, but the loan hasn't funded. That is a sticky one. If it were me I would also contact an attorney asap, just in case.
|
Reply by dickb/wi on 8/2/08 1:11pm
Msg #258266
make sure it is an atty who specializes in real estate......
that is very important......not all atty's are proficiant in real estate matters.......
|
Reply by Kathy/ID on 8/2/08 8:31pm
Msg #258303
I spoke to a representative from First American today and they are working on getting the loans that were to have funded, funded. At this point they do not know what is going to happen to the payment to notaries at this time. Any loan that was to fund in the last couple days that lfc was open First American will be funding shortly.
|
Reply by Ilene C. Seidel on 8/3/08 6:15am
Msg #258312
I just closed a loan for them last week, so they knew they were not going to pay me. First Am was on the paperwork I guess another fee I'm going to chase.
|
Reply by Marshall Sax on 8/3/08 10:42pm
Msg #258372
Benny- If your son was not compensated, it is considered in law he did not recieve any consideration. If no consideration was received the sales contract is null and void. However
if a mortgage or deed is filed the water gets muddied. The people who gave you the sugestion for your son to get legal representation gave you good advice. However that can be costly for your son. The suggestion to get in touch with the loan officer is an excellent one.It would be the avenue I would pursue first.I am thinking however he (the LO) also was not compensated. Please keep us advised.
|
