Updated over 8 years ago on . Most recent reply
Are Lenders Okay With this Fee on Seller's Side of HUD?
I need to put a release of interest fee on the sellers side of the closing statement. The amount will be $30,000. It's for allowing a seller to get out of his contract with me, the original buyer, so that he can sell to another buyer. I am concerned, however, that this may cause a problem with the new buyer's lender. I am aware that lenders don't like to see assignment fees charged to the buyers. (Now that I think about it, this may have some merit because a friend of the buyer could claim a $10,000 assignment fee and the buyer and his friend could split the "fee" for quick cash.) However, what about a release of interest fee on the sellers side of the closing statement... would the lender care?