B of A title issues disclosed AFTER $233,000 deposited in escrow to close!

[Donna Smolinski]

I'm furious... we're in escrow (B of A REO property). We agreed to allow seller to select escrow/title services. We are having SERIOUS escrow problems. The escrow officer has NEVER returned a phone call or email and has never sent us anything EXCEPT the opening pkg. We already agreed to 2 extensions due to escrow delays. FINALLY, escrow sent us everything needed to close, along with the Est HUD and wire instructions. We wired $232k to escrow for funds needed to close. The following day, we were advised the seller needs ANOTHER 21 day extension due to a title issue on a previous deed assignment on the property (possibly a robo signing issue)??? And now, escrow can't return our funds that were wired for closing without the asset mgr instructing them to do so! The listing agt mentioned that B of A owns Orange Coast Title (they are handling the escrow and Landsafe Title is handling the title). B of A only disclosed an affiliation with Landsafe. If they also own Orange Coast Title, or have any affiliation with them, they are required to disclose. Does anyone know if B of A and Orange Coast Title are affiliated? If I do not get my monies returned soon, I may find it necessary to file a complaint with HUD for RESPA violation, but I certainly do not want to do that without being certain of a business affiliation between the two companies (I did not see Orange Coast Title) on B of A's public 10k report, so I assume it is not a subidiary of B of A. Any suggestions?

[Dion DePaoli]

On the topic of contract extent ion, which I failed to include in my last post. If the extension was not presented until after the closing date you can make demands on the directions above. This is because at the time when extension is presented they are in breach of contract.

If the extension was presented prior to the closing date (or on) they may have a clause of automatic extension in their addendum. You would need to read the contract and addendum. It didn't sound like this was the case.

Sometimes you can negotiate moving in prior to the closing date or alike but you will have to release them from liability. Not sure if BOA would be up for this but if you don't ask you won't know.