Probe Continues Into Pennsylavania Title Company's Failure To Apply Escrow Funds Towards Unpaid Mortgages In Real Estate Closings

In Luzerne County, Pennsylvania, The Times Leader reports:

• Kerry and John Foose are among the latest victims of Priority Search Inc., a Kingston title search company under investigation by the U.S. Secret Service for keeping money owed to property sellers. The Fooses say their credit is now shot because Priority Search failed to use $78,000 from the buyer of their Wilkes-Barre property to pay off the outstanding mortgage on the property. Priority Search also kept another $9,000 that the couple turned over at the June 2008 closing to pay off the remainder of their old mortgage, Kerry Foose said.(1)

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• Since the Secret Service investigation became public in November, dozens of victims have contacted the agency to report claims against Priority Search, said William Slavoski, the agent in charge of the Secret Service Scranton office. [...] Priority Search, which has since closed, is owned by Robert E. Marsh Jr. and Elizabeth Sichler, who was past vice chairwoman of the county Republican Party organization.

For more, see More victims step forward in Kingston title search case (Priority Search investigated for keeping money owed to property sellers).

Go here, Go here, Go here, and Go here for other stories of trust account / escrow account theft of funds.

(1) According to the story, the couple learned in February that their mortgage servicer had reported the unpaid debt, because their credit score plunged. The low credit score has prevented the couple from refinancing the mortgage on their Susquehanna County farm, where they now live. “Now it’s impossible to refinance. We’ve been denied by three lending institutions,” she said. EscrowRipOffAlpha