Q: We have a $160K in escrow for 3years, wondering how can we have the funds released.
We sold a house on 12/16/14, there was HELOC of $80K which was paid off but for some reason never closed by AMEX. Even the though enclosed with the check was a notice asking the account be close. Amex has no record of any liability. We have not been able to obtain a release of the funds for 3 years.
A: You should have signed and escrow agreement at the closing, and the terms of this agreement would have governed your obligations as the closing out the account. Read the agreement and see if you have complied with all of your obligations and if so, make a demand on the title agency to return the escrow to you. If you did not fulfill your obligations entirely, then you will likely not get the money back until you do.
A: That is absurd. Your lawyer should have dealt with this. Hopefully you were not scammed and the title company still has the money in an escrow. Under the terms of the escrow you probably have to just get a release of lien from AMEX. Not a big deal.
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