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A woman named "Chilly Pot" owned her home and over the years had built up substantial equity. She was in the process of tapping into that equity through a cash out loan. Her lender was a private party investor.
The loan was for $100,000. The terms of the loan were less than appealing. The interest rate was 12% and there were so many up–front fees her net would be just $75,000, but Chilly did not care.
As it turns out, Chilly was obtaining the loan in order to send $25,000 to a diplomat in Spain who was in the process of overseeing the distributions of an inheritance for "Jack Pot," a long–lost relative who had died in a car crash.
The diplomat promised Chilly $25,000,000 if she would send him $25,000 for legal fees associated with the distribution of the inheritance. Melisa McRoberts, Escrow Officer at Chicago Title, was handling the file.
Melisa did not feel comfortable closing this transaction. She consulted with her local management who referred her to the National Escrow Administration team by emailing settlement@fnf.com. Everyone agreed the Company did not want to proceed under the facts referenced above. Escrow administration advised Melisa to call the borrower to discuss the transaction.
Melisa called Chilly and conferenced in the lender. Chilly was urged to contact her local FBI field office. Melisa also told her the Company was unwilling to close the loan. At the advisement of National Escrow Administration, she shared these two links:
In the end, neither Chicago Title nor the lender wanted to proceed.
Our Company does not want to assist — even unintentionally — a fraudster in bilking thousands of dollars from innocent victims. Sometimes we need to simply make the right decision and walk away from the order.
Thanks to Melisa for recognizing the odd details of the transaction and investigating further. Enjoy your $1,500 reward, Melisa.
Article provided by contributing author:
Diana Hoffman, Corporate Escrow Administrator
Fidelity National Title Group
National Escrow Administration
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