Quote:
Originally Posted by dmahurin
Man, I close on my first house in the middle of April, this is a nightmare situation.
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Back in the late 90s, my then-fiance/now wife worked for a title company in Chicago. The executives that ran the place were a bunch of weasels, and one day the feds swooped in, froze their accounts, and shut the whole operation down. Permanently. Not only did my wife lose her job, but it ended up that she worked the last two weeks for free, because she never got paid for them.
Of course, that's nothing compared to the people who were involved in closings that day at just the wrong moment. Old house sold, and then BOOM funds frozen, so they had to vacate their old home, but couldn't move into the new one because the purchase money was in legal limbo. IIRC this happened to two couples. Talk about getting ****ed.
I assume that eventually these people got their money released, but eventually was undoubtedly a long, long time.
Anyway, situations like this are extremely rare; like getting hit by lightning while being eaten by a shark. But you never know.
Good luck!
