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my mortgage commitment instructed lawyer to pay out and close my credit cards. what would happen if after closing i did not close

by dwilkinson12745 from , . Aug 26th 2015 Reply


Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 663 contributions

Generally, if the lender is requiring the payoff at closing and closing out the credit cards, they will obtain a credit supplement prior to closing to verify that they have indeed been closed. It's not likely that they will take your word for it that you will do it later.

Aug 27th 2015
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- - (Voted.Best.Rates.and.Service)
#11 ranked lender in New York - 374 contributions

It's hard to determine your exact question. If you are asking - What would happen if you closed all those accounts and didn't close on the purchase. Answer: You would have to go back and open those accounts, if you so choose. Usually, when an Attorney is being instructed to do so, this occurs at the closing table. Call me if you need further clarification. 845-290-3319

Aug 27th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

As Barb said.. If closing the credit cards were a condition of your approval, then they must be closed and the lender will verify this independently. If they find out that you did not close the credit cards, they can call your note due and payable.. (bad thing!).. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Aug 27th 2015
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