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meredith
37 Posts |
 Posted - 11/07/2009 : 5:17:03 PM
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| I have a private money loan that was supposed to close on Friday. All docs reviewed and ready to be signed. Business closed it's door on Thursday. Is there anyway to finalize this without broker being involved? I have address of lender, but no phone number. Can I leagally get that from their attorney or not? Thanks in advance for any/all help. |
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davidfr
2244 Posts |
Posted - 11/07/2009 : 5:49:38 PM
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| You are going to have to explain the situation more clearly. Are you the borrower? If not what is your involvement, and why don't you or the borrower have info for the lender? Who went out of business? |
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CoralSnake
12474 Posts |
Posted - 11/07/2009 : 5:54:55 PM
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| Please elaborate.... |
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meredith
37 Posts |
Posted - 11/07/2009 : 6:56:35 PM
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| I am the borrower. I had to go private lender on vacant lot. Loan was selected, funded, and ready to close on Friday morning. Thursday afternoon, recd email closing had been postponed until Monday or Tuesday. Recd call today from broker that company(he works for NOT lender)had closed doors. He had no idea this was coming, actually a REALLY good broker, always answered emails, phone calls, etc. He is as shocked as I am. Called another branch of this company just to make sure it was true. My question is since their attorney already has funds from private lender, can I bypass brokers company? I have no personal info on private lender except PO Box. Can the lawyer give me that info, so I may contact her personaly? |
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davidfr
2244 Posts |
Posted - 11/07/2009 : 7:14:01 PM
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| I absolutely think you can bypass the broker. Do whatever it takes to get in touch with the lender directly, and get it closed. The lawyer should definitely be able to facilitate the transaction for you. Good luck. |
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jvanpetten
3928 Posts |
Posted - 11/08/2009 : 05:15:34 AM
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So they only closed this branch but the company is still in business? That doesn't seem right. The attorney may still pay that company any fees.
quote:
Originally posted by meredith
I am the borrower. I had to go private lender on vacant lot. Loan was selected, funded, and ready to close on Friday morning. Thursday afternoon, recd email closing had been postponed until Monday or Tuesday. Recd call today from broker that company(he works for NOT lender)had closed doors. He had no idea this was coming, actually a REALLY good broker, always answered emails, phone calls, etc. He is as shocked as I am. Called another branch of this company just to make sure it was true. My question is since their attorney already has funds from private lender, can I bypass brokers company? I have no personal info on private lender except PO Box. Can the lawyer give me that info, so I may contact her personaly?
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meredith
37 Posts |
Posted - 11/08/2009 : 05:47:40 AM
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| No the brokers company closed. This is a loan from a private lender. The funds should be still available since it was from a private lender. I am just hoping the attorney will contact lender to explain circumstances about broker, take their name off closing docs and still close loan. |
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jvanpetten
3928 Posts |
Posted - 11/08/2009 : 06:03:33 AM
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So who was the "other branch" that you contacted? I am still confused. I know you are trying to get around paying the broker. Just trying to get the whole picture. If there are other branches of this "broker" still in business, I don't see how you can get around paying the "broker". What am I missing? The closing attorney will go on the side of caution.
quote:
Originally posted by meredith
No the brokers company closed. This is a loan from a private lender. The funds should be still available since it was from a private lender. I am just hoping the attorney will contact lender to explain circumstances about broker, take their name off closing docs and still close loan.
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meredith
37 Posts |
Posted - 11/08/2009 : 06:11:03 AM
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| Not trying to get out of paying broker at all. In fact I think he more than deserves his fees. I called another branch to see if they had also been shut down, and yes all branches of this company have been shut down with NO warning whatsoever. The owner called Friday and told everyone. Not sure of circumstances. I just want to know if closing docs can be re-written with broker company name taken off, contact private lender to see if deal can still be done. I just don't know if laywer can do that, since they were broker's attorney. But I know they have hours and fees already paid and laywers are greedy and I did not order any of the things that were paid for, so it looks like if they want their money they can contact private lender explain about broker and continue deal. |
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davidfr
2244 Posts |
Posted - 11/08/2009 : 06:17:02 AM
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| If this really is a broker you are working with then their name will not be on closing docs except for collecting the fee. The lenders name is on closing docs, not the broker. That is the part of this equation that is still confusing me. If it really is a broker then this should be a non issue, except for you figuring out how to pay the broker if he is deserving. |
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jvanpetten
3928 Posts |
Posted - 11/08/2009 : 06:23:53 AM
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Ok, I thought you talked to the other branch, now that makes sense. Even if the broker "closed", they can still collect fees, unless the license is expired. Consult with the attorney doing the closing, he is the one in control here. He wants to close it, if the broker can't be contacted, then I would think he could close it for the lender. He has their phone number, trust me.
quote:
Originally posted by meredith
Not trying to get out of paying broker at all. In fact I think he more than deserves his fees. I called another branch to see if they had also been shut down, and yes all branches of this company have been shut down with NO warning whatsoever. The owner called Friday and told everyone. Not sure of circumstances. I just want to know if closing docs can be re-written with broker company name taken off, contact private lender to see if deal can still be done. I just don't know if laywer can do that, since they were broker's attorney. But I know they have hours and fees already paid and laywers are greedy and I did not order any of the things that were paid for, so it looks like if they want their money they can contact private lender explain about broker and continue deal.
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meredith
37 Posts |
Posted - 11/08/2009 : 06:28:59 AM
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| That is what I was thinking. The only thing I am not sure of is who exactly has the money at this point. I already told broker I would personally make sure he gets his fees. I think a third party holds the money for disburment, and the broker's company has to ok the release before closing.I have a string of emails showing this. That is where broker and I are not sure how to get deal closed. The owner of the comapany is of course not returning attorney's, broker's, or anyones elses calls at this time. That is why I was wanting to know if legally the attorney can contact lender on my behalf explain circumstances, and get docs re-written and still go thru with deal. As of Friday attorney did not know what was going on. From what broker said owner called in at about 4:30 and told everyone they were out of job.Everything is in place, just need to know if legally I can still close on this. Lender did not back out at last minute, just broker's firm closed at last minute. |
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ML
4971 Posts |
Posted - 11/08/2009 : 3:28:58 PM
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Have loan close and fund as usual, all broker fees going into escrow until lawyer determines broker is compliant to rec'v broker fee. Vacant land is not a RESPA loan.
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1003s.com
4157 Posts |
Posted - 11/09/2009 : 4:48:35 PM
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Your attorney, should be the only
one advising you on this matter.
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johnnyboy38109
4357 Posts |
Posted - 11/10/2009 : 09:30:08 AM
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quote:
Originally posted by ML
Have loan close and fund as usual, all broker fees going into escrow until lawyer determines broker is compliant to rec'v broker fee. Vacant land is not a RESPA loan.
Whether broker is compliant is not the issue, nor is the fact vacant land isn't covered by RESPA.
Somebody somewhere knows where the broker is.....just a matter of digging a little further and getting the facts. |
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