Can Escrow Company filed criminal charge against unpaid loan(line of credit)?

Question

After sold the condomenium, the title company wires the balance which incl. 2nd loan (bank line of credit which they forget to paid) to the seller. If the seller decided to keep it, will this enough for escrow company or title company to file criminal charge against the seller? or just civil charge?

Answer 1

It would depend upon the facts of the case. If the escrow agent simply passed the funds to the seller in error, it's highly unlikely that crimminal charges would be appropriate unless it could be proven that the escrow agent and the seller were conspiring to defraud the lender.

The lender certainly has a strong civil case against both the escrow agent and the seller.

If there were a lien against the property for the loan, the lender migh have a claim against the property but title insurance would take care of that. For that reason, both the buyer and the new lender (the buyer's mortgage company) should have title insurance.

Answer 2

I don't understand what you are asking and maybe I'm getting it wrong, but usually escrow is an account that is a "holding" account for the property taxes and insurnace for the home. If you live in a home and the taxes for they year are $1200 and the property insurance is $360, the the mortgage company would ask that you put an extra $120/month and also an extra $30/month for a total of $150/month paid on top of your mortgage payment. With the escrow account, the mortgage company will pay the taxes and insurance on your behalf.

Now, if you sell a house and close on it and there is any left over money and lets go with what you said, that there is an equity loan, then your buyer's lender would pay off your loans at closing. The new lender will call your lender and ask for a pay-off amount and for all the loan information (1st, 2nd and/or equity line of credit). If you close and the loan (s) were not paid off at the closing table and you kept the equity, then you would be responsible for the pay-off. I don't know if you would if you could be held criminally responsible, but a civil liability case could, and most likely, will be filed against you.

If that has happened to you or someone you know, then I would contact the buyer's lender, the lender that holds the equity loan and/or an attorney. That money isn't your to keep and needs to be paid to the bank. An equity loan isn't taken out on you or some other item, ie. boat, car, credit card, its taken out for you from the equity. Once you sell the house, you don't have the equity anymore for the security of the loan.

Answer 3

you're in a position to value the worker with robbery, besides the undeniable fact that it is going to remember on the info -- which contains no matter if there's a written employer coverage at using charge playing cards and cellphones. it will be more effective expedient to deliver a civil case merely to get the money back; to positioned a lien on his belongings, etc.

Answer 4

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