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More pain for homeowners: Escrow funds bilked

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PA Democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 06:28 AM
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More pain for homeowners: Escrow funds bilked
Homeowners from Pittsburgh to Colorado say they've been bilked by a Chicago-based escrow company that failed to pay their real estate taxes and insurance, and drained their accounts before notifying them it was shutting down this week.

The Illinois attorney general's office said it was investigating American Escrow LLC, which is supposed to pay tax bills and homeowners insurance with money it collects from customers through monthly payments.

The AG's office said it was unclear how much money was missing or how many people were affected.

"We are looking into the situation to determine if anything can be done to help customers," spokeswoman Natalie Bauer said.
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