All Forum Posts by: Jared Potok
Jared Potok has started 1 posts and replied 4 times.
Post: When to refinance into a better rate
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if refinancing is going to save you money and cash flow your property, do it. The biggest factor you need to consider is the cost of the loan. Shop around and find your own title company to save you a little more.
Hello everyone
Anyone feel that having an attorney that lives in the state where the property is (large multifamily) is better than one that is only licensed in the state.
im looking for an attorney to have on retainer and can't decide ( obviously experience matters)
Thx
Post: Legal advice - Contract agreement with Property Management
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Quote from @Drew Sygit:
Why in the world would you sign such a contract?
You will need to review the contract to confirm they violated a provision, so you can send the proper termination notice without penalty.
You need to write out exactly what they are doing wrong and notate everything. Confirm in the contract you signed that is part of their duty. Once done, approach them with your concerns and of things don't move in the right direction, they might be breaching the contract. At that point you might have to get an attorney
Post: Loan Officer Leaves company the day before closing!
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Quote from @Caroline Gerardo:
@Frank Greg 2022 541201 loan officers were let go as we are at will employees. Market conditions laid off more than one million people in mortgage and vendors. My guess loan officer was set loose due to costs.
If seller has the written commitment approval letter from the lender they have to honor it, unless there is fraud. @Account Closed what are the ins and outs of the approval letter? Typical: borrower has to stay on job until closing, no adverse liens pop up, what borrower said in writing is true, the 4506c comes back from IRS a match, appraisal meets or exceeds program, rate lock days match the closing of the 23rd, funds wired from matching accounts...
Typically the lender closes loans in new officer name and prior employee is paid during a 29 day period.
Company sent denial letter to borrower on what date? I would require the letter as the seller and push the agent to disclose why file was turned down. Same issue is going to pop up. I would push the old lender to perform as they are responsible for the actions of their employee. If loan officer did something wrong they are responsible.
Lookup NMLS listing of loan officer and call his cell- what is the truth of what happened? https://www.nmlsconsumeraccess... has Loan Officer home address, cell phone - why you want to work with licensed people.
The number on the nmls website 99.9% of the time will be his company office # and address unless he's a broker working out of his house which doesn't seem to be the case.
Only thing that can be done is have the realtors communicate to find out what happened. More than likely the buyers agent wants to get the deal the done and won't be fully truthful. Your realtor can require proof but most of the time the letter is generic.
more than likely the borrower was not approved for one reason or another and only had a pre-approval not final approval.
inwould move on to the next biyer