Thread Starter: rzrbackbanker
Title: Re: Stop Payment Cashed Recourse?
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Thanks for all your help once again everyone. I have a meeting with my higher ups this afternoon and I wanted to make sure that we have covered every angle of this thing and to determine if we would just be throwing good money at bad money by getting legal involved with this situation.
Addressing the possibility of intent: I believe the intent to defraud was there and wouldn’t be hard to establish with a couple of affidavits. The title company that was overseeing the transaction indicated to our mortgage department that Frank Fraud had to come up with $20,000+ before closing to complete the transaction. Less than an hour later he arrived at the bank with the 2 checks and cashed the checks (wish I could say attempted there) and soon after dropped off the grid and has made no attempt to complete the transaction along with the title company washing their hands of the deal due to not being able to contact the seller Frank Fraud.
A very BIG mess!!!! From the bleak outlook I suppose we are lucky it was only 10K!
Thanks for everyone’s input once again!
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