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Escrow company entangled in short-sale dispute
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Court Report
Thursday, March 27, 2014
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After a buyer and seller got the sellers’ creditors to agree to a short sale, a California escrow company completed the transaction, following the buyer and seller’s instructions. One creditor, the Federal Deposit Insurance Corp. was not convinced its conditions to the short sale were carried out and refused to reconvey its deed of trust on the property. After paying the full amount of the loan, the buyer and his underwriter sued the FDIC. The FDIC then filed suit against the escrow company, claiming the company owed it a fiduciary duty. Read on to find out what the U.S. District Court for the District of California had to say about that issue when it heard the escrow company’s motion to dismiss the claims against it.
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