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Updated about 5 years ago,

User Stats

42
Posts
20
Votes
Jake Denning
  • Flipper/Rehabber
  • Houston, TX
20
Votes |
42
Posts

Does my lender owe me money?

Jake Denning
  • Flipper/Rehabber
  • Houston, TX
Posted
Hello BP, I purchased my first flip back on 7/31/19 and we closed it on 10/31/19. We used a hard money lender for the purchase and they sold the loan to another company shortly thereafter we purchased. I signed all of our closing docs on the morning of 10/31/19 and the buyers signed in the afternoon of 10/31/19, the buyer's lender did fund the title company on the afternoon of 10/31/19, however, our lender did not receive the payoff until 11/01/19 and our lender charged us the payment which was due on 11/01/19. The question is, should we get that payment back since we techniquely funded on 10/31/19 or does the lender keep the payment since they received their payoff on 11/01/19. I am interested to hear the community opinion on this or who has run into this before?

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