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Help! Title Company not releasing funds!!!
3 weeks ago I sold a house. Closing went well, and several days after closing I checked with the title company to see why I hadn't gotten the funds yet. They said they hadn't gotten a release of lien from a company that I paid off over 5 years ago. Before closing, the title company asked me for proof the note had been settled, which I provided. (Note, I settled the loan for less than the full balance and received a settled in full letter saying it had a zero balance- dated Aug 2011.) The title company decided before wiring over the money to me that the settlement letter didn't protect them to their satisfaction. They requested a release of lien from the lender, and the lender is saying it will take another 2+ weeks to issue the letter. That makes 5+ weeks total until I get my money from closing. The HUD showed I was getting a certain amount, and nothing was listed as needing to be settled from this lender. Can the title company hold my funds like this? Is it legal? Since I signed a HUD saying I would get a certain amount, can they pay me any less?
Most Popular Reply
The title company is not being unreasonable. You might want to call the lender yourself and see if there is anyway you can get the letter quicker.