The Closing Commando
Published Friday, June 09, 2006 by Real Estate Pro.I got a call first thing yesterday morning that our closing for House (uh, what is it now) 15 was scheduled for this morning at 10 am! I stood over people at their desks while they called the lender and faxed her what she needed in order to close. I'm about to drive to House 14 to pay Contractor 2 and his guys for the last time. But, just after we got started on that, I got a call from the 4-house-refi lender from over a month ago.
Tagged: loan
The Closing Commando
Borrowers Urged To Get Independent Appraisal
Published by Real Estate Pro."No tenants are found, no rental payments are collected, no mortgage payments are made, the house goes into default -- turns out it's not worth anything -- and the borrower is left holding the bag and their credit is destroyed," says Rachel Dollar, a lawyer in Santa Rosa, Calif., who represents lenders in mortgage-fraud cases. But many borrowers simply don't want to be on the hook for more money than their homes are worth.
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Borrowers Urged To Get Independent Appraisal
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