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Updated over 8 years ago on . Most recent reply

Account Closed
  • Astoria, NY
36
Votes |
45
Posts

What is "post com advance?" (NYC foreclosure)

Account Closed
  • Astoria, NY
Posted

Hey all,

The closing on a house I'm pending on just got adjourned, and I don't understand why. The email from the bank's lawyers states:

"As requested by Mr. Wank [the referee] we need to obtain proof of post com advance made by our client. As such closing cannot occur tomorrow and has to be adjourned."

What does this mean?

Most Popular Reply

User Stats

31
Posts
24
Votes
Susan Smith
  • Investor
  • Richmond, VA
24
Votes |
31
Posts
Susan Smith
  • Investor
  • Richmond, VA
Replied

I've heard of post closing advances and corp advances but post "com" has me and my peers here at the bank stumped.  Here at the bank we don't always know what our attorney or paralegal is attempting to convey when they throw an abbreviation like "com" on the table.  So, we just refer back to the attorney and ask: "what's post com advance mean?"  

The paralegals are usually friendly and willing to clarify.

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