Complaint Review: Lone Star Title Company of El Paso
Lone Star Title Company of El Paso Money was lost to fraud, company lied, refuses to help customer, withholding money El Paso Texas
Lone Star Title Company of El Paso, Texas – Title Insurance
I sold my home in El Paso on February 28, 2017. I closed with a fee based attorney for Lone Star Title. A Lone Star Title policy was issued, Lone Star Title servers were used and Lone Star's bank account was used to escrow the transaction and proceeds. Through email a fraudster was able to get the proceeds re-directed from the Lone Star bank account to their bank account. As of today, April 19, I have received no funds out of the $380,673.75 proceeds, I was supposed to receive.
Initially, John Martin, President of Lone Star Title assured me that he would do whatever was humanly possible to get me my money back. He made assurances to me that I would be made whole on the transaction. Mr. Martin explained that there was adequate insurance coverage through the attorney's professional liability insurance, and Lone Star Title's Cybersecurity and Errors and Omission policies. I was comforted by his words and believed I shouldn't panic, and that everything would be alright. That was the last time, Mr. Martin would take my phone calls or even speak to me. Since then, through his attorney, he has denied any responsibility on Lone Star's behalf.
The FBI was notified and the receiving bank Chase Bank put a freeze on the account as soon as possible. Chase Bank conducted a fraud investigation and after 49 days was able to recuperate about 75% of the funds. The amount of $281,825.75 was returned to the originating bank on April 14, 2017. I was pleased that this was returned and I was looking forward to getting at least part of my money back at this point. The bank had informed us that they had sent a standard indemnification agreement to Mr. Martin.
They told us that once he had executed the agreement, the money would immediately be made available to us. To my astonishment, Mr. Martin is refusing to sign the agreement and allow the funds to be returned. The bank is unable to return the funds to me unless Mr. Martin signs this agreement. Lone Star Title is now obstructing my ability to have access to my own money. For whatever reason, Mr. Martin has shown his reluctance to ensure that my money is returned to me or help me in any way.
This has been the worst experience I have ever been involved with in my life. Lone Star Title has put my family through hell and immense emotional distress. I know things do go wrong sometimes in life. I believe that people and businesses should be evaluated by how they respond when something does go wrong. This is when leadership and true character is seen and demonstrated. In my opinion, Lone Star Title has acted very irresponsibly and has shown no concern for a customer.
I have sold three properties in El Paso over the past 18 months and have purchased a Lone Star Title policy for each one. However, I could never recommend Lone Star Title Company of El Paso to anyone, after this experience. I pray that no one else has to endure what my family and I have had to go through over the past 50+ days.
This report was posted on Ripoff Report on 04/19/2017 06:43 PM and is a permanent record located here: http://www.ripoffreport.com/reports/lone-star-title-company-of-el-paso/el-paso-texas-79912/lone-star-title-company-of-el-paso-money-was-lost-to-fraud-company-lied-refuses-to-help-1368612. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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