AFSCME 3357-HOF'S BLOG

Title Company Exec Runs off with the Dough Leaving Homeowner SOL - Maybe

The Home Equity Theft Reporter blog has some great stuff, like this story about a title company exec in Louisville, Kentucky who ran off with the proceeds of a home refinancing transaction, leaving the homeowner with no money to pay off the old mortgage and "facing foreclosure". For agency law wonks: who bears the loss here, the homeowner or the new lender? What do you think?

(I'm not sure the homeowner is facing foreclosure at all. If the escrow agent didn't deliver the proceeds, it seems to me the homeowner doesn't have to pay the new loan. She still has to pay the old loan though, but she's no worse off than she was before.)

And now a marginally relevant Youtube link. RIO, a pretty decent Elvis impersonator, doing Kentucky Rain.