The lender that I am working with sent me a news article about this situation. I immediately called the clients to find out what happened. He immediately said it was not big deal, as he will be going to court in a couple of days and the matter will be resolved. What do you mean no big deal?
So, I listened to his story, it kind of made sense that he wasn’t concerned about the problem, but I explained that the lender may not want to go forward with the million dollar mortgage that we are requesting. I had him prepare a detailed letter of explanation, which I sent to the lender.
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The lender told me they want to wait until this matter was resolved by the courts and then they will decide if they will continue moving forward with this loan.
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Unfortunately my client still doesn’t understand, so finally I explained to him that the lender has the right to not be willing to lend based on his arrest. Can’t believe he doesn’t understand what the big deal is, but we’ll have to wait for the court to decide this matter next week.
Never a dull moment in this business, this is now the second time an issue like this has occurred before a closing. I give all my clients a list of do’s and don’t’s, I’m going to add to it, “Don’t get arrested”
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