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An independent escrow agent was handling a short sale transaction. The title report prepared by Chicago Title Company was created from a previous policy that did not reveal the existence of a second lienholder. Four days prior to closing, the first lienholder informs the escrow agent there is a valid second lien on the property.
The independent escrow agent contacted her account manager at Chicago Title Company, Anthony Santillo. She knew there would not be additional funds available to pay a second lienholder. Anthony tracked down the lienholder to have a substitution of trustee and full reconveyance signed.
The lienholder had no recollection of ever receiving payment. The lienholder also said she could not produce the original note or deed of trust, as they were at her residence in Alaska and she was away from home. She said she would accept $30,000 in exchange for a release and waive any back interest owed.
Anthony sensed something was amiss and worked with the Chicago Title Company Los Angeles Title unit to determine the lien had been paid through a prior refinance, closed and insured by a sister company, ServiceLink. He worked with a representative of ServiceLink to find the file and produce the following facts to the lienholder via email:
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The attached is the closing statement and the accounting for a ServiceLink transaction. ServiceLink, a Black Knight company, is part of Fidelity National Financial which is a Fortune 500 company. You can see your lien was fully paid in 2005…
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6/26/1998
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Purchase with $107,000 1st Deed of Trust
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5/22/2003 |
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2nd Deed of Trust for $30,000
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2/8/2005 |
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Refi for $160,000 with Subordination
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5/23/2005 |
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Refi for $240,000 and paid $30,000 Deed of Trust through escrow
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12/13/2005 |
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Refi for $300,000 file was noted that the $30,000 Deed of Trust was paid through previous escrow
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You were supposed to sign and have notarized a substitution of trustee and full reconveyance and since it was not showing of record it was taken with an indemnity. I have also sent you a transaction history so you can see what went on through the years.
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The lienholder reviewed the supporting documents and agreed to sign the substitution of trustee and full reconveyance. Anthony instructed her to send the signed and notarized document via overnight delivery, and the transaction was able to close on–time without additional expense to the company.
For his tenacious level of customer service and his ability to save the Company from a $30,000 loss, he has received a letter of recognition and a $1,000 reward.
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