Sorry, but getting a letter stating that funds are "lost" seems almost unbelievable. Escrow companies do not lose money that is held in escrow. They do, however, seem to quickly turn money over to the state even when the escrow or title company has the name and address of the homeowner on file.
Perhaps when they said "lost", they meant forwarding the money, as if an unclaimed, to the State. If this is the case, you can go directly to California's unclaimed property website to obtain the funds. The website for the state is http://www.sco.ca.gov
You can check for reported violations in the past by following the links at:
Losing money would almost surely result in discipline against anyone licensed to handle escrows. The excuse "money is lost" makes it sound like the escrow was not handled by anyone licensed to handle an escrow. I would recommend you report the violation to the appropriate California government office. There may be more missing money than you are aware of. Someone may be hoping you won't try to get the money you are owed.
Common closing charges are listed at http://julianalee.com/reinfo/closing-costs.htm
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Is this the Title Company that sent you that letter? The Title Company actually said that they will not send you your escrow overage funds because they lost the money? That is incredible!
Escrow funds are funds in a trust account. It is a very serious crime to mishandle funds (lose those funds) in a trust account.. Title companies do not lose funds in a Trust account.
This is a very serious criminal matter. This is not a civil matter.
It sounds to me like someone at the Title Company embezzled your money.
I recommend that you make a criminal complaint to The District Attorney's office with respect to this matter. Send a copy of your criminal complaint to the Title Company.
Either The District Attorney will prosecute some people at the Title Company, and put some of those people in jail, , or the Title company will find your money and return your money to you..
Charles Butterfield MBA
Real Estate Broker/REALTOR
Broker/Owner: The Butterfield Real Estate Fim
Cell Phone: (408)509-6218
Email Address: firstname.lastname@example.org
Here's the link to their site: http://www.dbo.ca.gov/default.asp
Then I'd call your bank (Call the number on the letter you received) and ask to speak to the manager ofr supervisor. Tell them that you're prepared to file a formal complaint against them with the State Department of Business oversight, and that your next call is to your attorney to start a civil proceedings against them and that you're also going to start sending out letters to the editors of all the major California papers warning people not to ever do business with them as they are incapable of evening maintaining basic escrow accounts properly unless they give you a full accounting and send you the money in your escrow account within the next 5 business days.
Sorry you're having these problems, it's just one more in a long line of reasons to despise the big banks.