Charles:
Thank you for your post regarding the financial difficulties that CMS is claiming. I
find it difficult to accept that Chase, J.P. Morgan, and BankOne are not paying their debts to CMS, but
there are all kinds of anomalies that I find hard to accept.
What I do know is that if this is the same CMS that is located in Liverpool, NY, that CMS had a very lucrative
contract with the SBA/FEMA for the purpose of filing loan documents and then doing current owner searches in Mississippi,
and I gather Louisiana, Alabama, and Texas, resulting from Hurricanes Katrina and Rita. I have several
friends in the abstracting business who had been working for CMS since last November, when the work
began to trickle in, and now they are hurting because of the loss of thousands of dollars in fees, and
work product that they provided to CMS, which apparently will never be recovered.
That said, I don't believe that the SBA did not pay CMS. Where is that money? After all the destruction from
the hurricanes, to add this financial blow from CMS, while it may not be criminal, it sure feels that way.
And what about all the people who are waiting for there loans to be processed. Charles, your statement
about CMS having boxes of instruments waiting to be filed is very disconcerting. The hurricane
victims are hurting and they need to have their loans closed so that they can move out of tents and
FEMA trailers, and try to begin to rebuild their lives.
Fortunately for the people in the hurricane ravished areas there are at least two honest companies who are
involved in facilitating the SBA loans. Thank goodnes for their efforts.
Take care,
Lin
Toney Title Services
SOT #753
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