Tony Antoine signed the papers with relief, a month-long process finally finished. He, his wife and two young children looked forward to moving into a $400,000 Palm Beach home.
The Florida home seller was even more relieved. His home was finally purchased after nearly six months on the market.
The next day, Antoine could hardly believe the news. His lender, Silver State Mortgage of Las Vegas, had gone belly up. Although the papers were signed the day before and the money ostensibly was in the title company’s account, Antoine couldn’t pay the seller and was stuck in limbo.