All Forum Posts by: Account Closed

@Justin Abdilla

Do you know in my situation- would I have been protected in any way? Either bank FDIC insurance or through the title company?

@Dana Whicker after it happened the escrow officer called me and honestly I was wondering if it was really her!!

@Justin Abdilla

What happens when the title company loses the $370K? Who is responsible?

I’m in escrow and today I almost got scammed out of 1 million dollars +.

A scammer intercepted some emails and pretended to be the escrow officer from the title company. They sent me wiring instructions for over $1 million. They were able to provide me with closing documents and also a dollar amount for the balance which closely matched what I owed.

Luckily the wire I tried to send from the bank did not go through. The bank checked the account number and it did not match any title company bank. Thank goodness for this check or else we would’ve been homeless in 2 weeks.

This is such an incredible lesson. I didn’t know scammers were so sophisticated and their timing was always just right.

Lesson learned to always make that verification phone call before moving large sums of money.

I’m having an extra strong drink tonight and counting my lucky stars.

@Shiloh Lundahl  Thanks Shiloh! Great advice, I do have another loan in progress, but I'll certainly take a screen shot to keep for memory. One day 1.3 mil will be my normal reserves. Books like 4 hour workweek is helping me get there.

@Jack B.

Right- it’s laughable. But I’d like to try something that takes minimal effort. Plus I just learned about Transactional Lending in this thread!

@Chad Urbshott

Thanks for the recommendation. Sure it may be too late here- but I’m definitely looking into this as another way to invest!!

@Chad Urbshott

What what?? Now this is interesting! I already have my title company set up though. It’ll be too late to change now if that’s what necessary. How do I find out more about this?

@Kris L. I’ve worked super hard the last few years to get to this point. Maybe I can spare a bit in Vegas...

@Chris Seveney

Thanks. When I had a 500K balance HELOC @ 5%, I wish someone would park money in my account and I would pay them 4%.

I think there’s literally no risk doing this if you completely trust one another