Sunday, June 10, 2012

Escrow fraud; Title insurance fraud; Demotech, Inc.

In light of the ongoing scandal involving Core Settlement Services, Chelsea Settlement Services and Jami Braafhart, it might be useful to review the fundamentals of title insurance and escrow fraud. Follow this link to an online book from Demotech, Inc. entitled Escrow Theft: Today's Challenge in Title Insurance. This book contains reference to the laws of Pennsylvania and other states. This book might be worth reviewing for those who have trouble following the Core/Chelsea scandal or who have questions about their own transactions. Here is an excerpt:
Parties to a real estate transaction often entrust title agents or other settlement professionals with the transaction. Problems can arise when these professionals violate that trust and breach their duties to hold the purchase money and deed to property in a fi duciary capacity and disburse the funds appropriately. Most alarmingly, this violation of trust comes in the form of escrow theft, which occurs when an agent embezzles or misappropriates funds held in a fiduciary capacity.

2 comments:

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  2. Nice blog and the content is really very helpful to know about Title Property Search . Thanks for sharing such huge content Keep posting further....

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