Financial Title Ceased Operations in California
Author: Rob K. Blake | Date: July 30, 2008 | Filed In: Mortgage Insurance
Financial Title owned by parent company, Mercury Companies Inc. are ceasing operations in California. The Financial Title closings come after another title subsidiary, Alliance Title, closed all California offices in May.
According to Jim hailbun, President of United Title of Texas who said in the San Jose Business Journal,
“Mercury is closing all of its companies outside of Colorado, which includes Arizona, California, Oregon and Nevada”
This obviously includes the Financial Title the remaining title company in California owned by Mercury Companies.
Financial Title had 36 offices in California but no word on the number of employees who will left without a job.
Jim Hilburn also speculated the closing of both Financial Title and the others Title were caused by creditors pulling the parent company’s lines of credit.
Could it have also been the lawsuits Mercury Companies finds itself steeped in…read about that in my other post here.
I guess bank failures are not the only failures we have to worry about…
Good Luck!
Author: Rob K. Blake
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EMPLOYEES BEWARE - CASH YOUR FINAL CHECKS! DO NOT DEPOSIT THEM. If this goes like Alliance, no vaca pay, no sick, no severance, your paycheck will be valid for about 24hrs and then the banks will cease to cash. Deposits usually require 48hr hold and will end up invalid. Move fast before the cash all dries up!
Witheld,
Back an eon ago when I worked as a loan officer in other peoples companies, it was always good advice to cash your last pay check rather than deposit it…regardless of the circumstances.
Take heed…
FYI - Financial Title Co was not the only remaining Mercury Company Inc. Title company in California. Lenders First Choice in Simi Valley closed their doors this morning, too, along with their offices in Texas and Florida. Employees were told to clean out their desks and that “we don’t know when or how you will be paid.” Based on the comments below, I plan on camping next to my mailbox until (hopefully) that check shows up. If, however, Mercury Companies decides to file bankruptcy, there will be no paychecks forthcoming.
nope,
Thanks for the clarification and updates.
RKB
At least Alliance employees got their final paychecks. Financial Title employees had to leave with nothing but the personal possessions in their desks. I wish I had a final paycheck to cash!