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Escrow Company Negligence

Practice Area:
Real estate
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Outcome:
Each defendant contributed to a settlement worth in excess of $650,000.
 

Description:
Our clients were able to refinance their house so that they could use that money to stop the foreclosure of commercial property they owned. The escrow company agent in charge of sending the money to the foreclosure trustee so that the foreclosure-days away-would be stopped, was rushing to get away for a three day vacation, and wound up wiring the funds to the wrong account. The property was sold at a foreclosure sale to a third party. We sued the escrow company, but escrow companies, amazingly, are not required to carry insurance policies for these types of losses. We, therefore, wound up suing other related parties.

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