Equity Settlement Services, Inc.

Based on a conversation with *** *** on Friday evening, we believe that this matter has been resolved

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

I went into contract a least two months at least two months prior to closing on oct ** 2014. equity Settlement inc had ample time to ask a simple question of the town of [redacted] tax offices. they only had to call and ask what was the taxes on the address of the home I was purchasing, before tax exemptions? that the previous [redacted] had like veterans,star and any other programs available to them. thats what other title companies do according to the [redacted] and [redacted] who work at the tax assessors office. the correct number from the tax office plus the 20% that the tittle company added should have been enough at closing. that's only if they did there due diligence I would not have two days to come up with the 1449.34 dollars two days before I would incurred penalties.    I also called them on January [redacted] to the [redacted] four times. before  [redacted] got back to me. he was nice he said he needed to be brought up to date on the situation. he called me back on Friday we spoke about the problem. I could not back to him on Monday I called their  office on Wednesday he was unavailable. Friday he was in a conference. Monday the ** unavailable. I finally spoke to him today said hell get bake to me but the matter is still unresolved.
 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]

As a title and settlement agent for [redacted], we have a fiduciary responsibility to follow the lender’s specific closing instructions.  For this refinance transaction, our company was instructed to include credit card payoffs on the HUD that was executed by [redacted]. ...

Following the closing, [redacted] sent 10 out of 13 payoff checks back to our office, along with a letter stating that the credit card accounts were paid in full.  We were advised by [redacted] that the checks could be re-cut payable to the borrower, if proper proof was provided that they had been paid in full.  Following verification by our office, a check was re-cut to [redacted] for $ 3,441.00.  We were not able to verify status of several of the accounts based on the account numbers provided by the borrower.   Our office did try to speak with [redacted] about this matter and was advised on 4/**/15 that she would no longer be speaking to our office and would be contacting an attorney. Following the filing of the Revdex.com complaint, we contacted ownership at [redacted] for further direction.  They also attempted to contact [redacted] by phone to resolve this issue.  On Thursday 5/*, we were advised by our client, [redacted] to re-cut the full amount of $ 5,937.00.

Review: I closed on a house Oct ** 2014. I made out all the closing checks to the amounts they described. today on January * 2015 at 6 pm this company called me to say they miscalculated the tax amount and I have 2 days too get them a certified check or I have to pay a penalty. but they knew about this miscalculation since December. they say that they received documentation from town of [redacted]. I feel that I should not have to pay a penalty for their mistakes and on such short notice.Desired Settlement: they should pay the penalties and portion of payment for there mistakes. or return the fee I paid them for their services.

Business
Response:
The complainant, [redacted], purchased a property on 10/**/14.  Equity Settlement Services, Inc. was the title company for this transaction and [redacted] was the law firm that provided him legal representation him for his purchase.  At the time of closing the 2014/2015 1st ½ tax figures were not available.  The title company collected $ 4,829.32 at closing to be held in escrow for taxes due 12/*/14, delinquent on 1/**/15.  We would like to note that the tax figures were not miscalculated, as [redacted] mentioned multiple times during his complaint.  They simply were not available from the Town of [redacted] tax collector at the time of his purchase closing.  Under circumstances when tax figures are not available it is general practice and in accordance with title insurance guidelines for title companies to collect the previous tax amount for the property + 20%, to cover a potential tax increase. 

On December **, 2014, our escrow department sent a fax request to the Town of [redacted] tax collector requesting tax amounts due for all properties that monies were being held in escrow because the tax figures were not available at closing.  On December **, 2014 the tax collector’s office faxed back their response, however, the complainant’s property address came back with a [redacted] code.  Our office was advised that this code meant that the town may have to correct/make changes to the tax bill.

On January *, 2015 our escrow department was notified by the tax collector that the outstanding tax amount due for this property for the 2014/2015 1st ½ tax amount due was $6,278.66.  The previous [redacted] had a Veteran’s exemption, which was removed and pro-rata was added, as per the town.  Upon receipt of this information the escrow department notified [redacted], the law firm that represented him in the purchase of this property, who subsequently notified him that there was an additional amount of $ 1,449.34 due to the Town of [redacted], above and beyond the 20% that was collected above the last known tax amount due on this property.  He was advised that the title company would need to receive this amount as soon as possible, so that it could be mailed along with the amount being held in escrow, $ 4, 829.32, to satisfy the full 1st ½ tax bill.  This payment needed to be received by the tax collector prior to 1/**/15 to avoid late payment penalties.

On January *, 2015 [redacted] called our office from the town tax collector’s office and stated that he was making the partial payment, instead of sending it our office.  The escrow department confirmed with the town tax collector that they would accept a shortage payment from the property [redacted] only.  Once they receive the property [redacted]’s payment, the title company could send the amount being held in escrow.  If the title company’s partial payment was received first, it would be returned to our office.

Based on [redacted]’s statement that he was at the town tax collector’s office making a payment, our escrow department sent the balance of $ 4,829.32 via [redacted] overnight to the collector’s office to ensure that it was received prior to 1/**/15 to avoid late payment penalties.

On January *, 2015 a [redacted] package containing the tax payment for [redacted]’s property was delivered to the Town of [redacted] tax collector’s office.

On January **, 2015 our escrow department called the tax collector at 11:30 am and 3:00 pm to confirm if payment had been posted.  During both phone calls, the tax collector’s office advised that the tax bill was still open and they were still posting payments received.

On January **, 2015, our escrow department called the tax collector to confirm receipt of the tax payment and was advised that [redacted] walked in a partial payment of $ 1,493.34 on Monday 1/**/15.  This payment, along with the escrow payment was applied to [redacted]’s tax bill and no late payment penalties were incurred.

It is important to note, the [redacted] of our organization has proactively engaged [redacted] on several occasions to better understand from [redacted]’s perspective where liability may have resulted from Equity Settlement Service’s actions or lack thereof. At the time of this memo, [redacted] has not gotten back to us to further engage as he indicated he would.     

The refund of $ 800.00 that [redacted] is requesting is not a fee that was paid to the title company, Equity Settlement Services, it was a legal fee paid to his attorney for representation in his purchase transaction.  Based on our due diligence of the matter at hand, we do not feel that Equity Settlement Services should be held responsible for the tax shortage that resulted from a reassessment of the tax bill by the Town of [redacted] of [redacted]’s residence.      

 %



Consumer
Response:


I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

I went into contract a least two months at least two months prior to closing on oct ** 2014. equity Settlement inc had ample time to ask a simple question of the town of [redacted] tax offices. they only had to call and ask what was the taxes on the address of the home I was purchasing, before tax exemptions? that the previous [redacted] had like veterans,star and any other programs available to them. thats what other title companies do according to the [redacted] and [redacted] who work at the tax assessors office. the correct number from the tax office plus the 20% that the tittle company added should have been enough at closing. that's only if they did there due diligence I would not have two days to come up with the 1449.34 dollars two days before I would incurred penalties.    I also called them on January [redacted] to the [redacted] four times. before  [redacted] got back to me. he was nice he said he needed to be brought up to date on the situation. he called me back on Friday we spoke about the problem. I could not back to him on Monday I called their  office on Wednesday he was unavailable. Friday he was in a conference. Monday the ** unavailable. I finally spoke to him today said hell get bake to me but the matter is still unresolved.
 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,
[redacted]




 



Business
Response:
Based on a conversation with [redacted] on Friday evening, we believe that this matter has been resolved.

Review: My name is [redacted] and I am a home owner in [redacted].I recently refinanced my mortgage through [redacted] of [redacted],** and Equity Settlement Services is the company hired by [redacted] to handle the Closing and disbursed the checks. My Closing was in early March and I am still having a problem in collecting my $5,937.00 from Equity Settlement. I have contacted [redacted] but the staff members, [redacted] and [redacted] who handled my refinancing are no longer with the company so I have no idea what to do and I cannot afford an attorney. This is the issue, I chose not to include certain credit card bills in a 30year mortgage, it was not in my best interest, and so I paid them on my own. I was told by [redacted] that this would not be an issue, that it was my money and that once confirmed that accounts were paid, the checks would be issued to me. When I received the checks, they were made payable to the credit card companies not to me. I contacted [redacted] to advise them of this and retuned the checks with a letter of explanation to Equity Settlement. I was contacted by someone from Equity Settlement by the name of [redacted], who asked me for proof that the accounts were paid. I sent proof via fax that same day and after about a week of not hearing from them or receiving my check, I contacted him and asked what was going on. He told me that [redacted] had just given the OK to issue a check in my name and the underwriter would be issuing the check. About a week or so later, I received a check via [redacted] in the amount of $3441 which was incorrect. Again I returned the check with a letter and to date I have not heard from anyone about my $5,937. I don't know where my money is and I am being ignored by this company and [redacted]. I have copies of the checks, proof that the accounts are paid with ZERO balance and copies of all correspondences to [redacted] and Equity Settlement. Please help me.Desired Settlement: A check in the amount of $5,937

Business

Response:

As a title and settlement agent for [redacted], we have a fiduciary responsibility to follow the lender’s specific closing instructions. For this refinance transaction, our company was instructed to include credit card payoffs on the HUD that was executed by [redacted]. Following the closing, [redacted] sent 10 out of 13 payoff checks back to our office, along with a letter stating that the credit card accounts were paid in full. We were advised by [redacted] that the checks could be re-cut payable to the borrower, if proper proof was provided that they had been paid in full. Following verification by our office, a check was re-cut to [redacted] for $ 3,441.00. We were not able to verify status of several of the accounts based on the account numbers provided by the borrower. Our office did try to speak with [redacted] about this matter and was advised on 4/**/15 that she would no longer be speaking to our office and would be contacting an attorney. Following the filing of the Revdex.com complaint, we contacted ownership at [redacted] for further direction. They also attempted to contact [redacted] by phone to resolve this issue. On Thursday 5/*, we were advised by our client, [redacted] to re-cut the full amount of $ 5,937.00.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,