Question for Loan Officers regarding eviction during escrow
Long story short.
In escrow on a 4-unit in rent controlled Los Angeles. In the middle of escrow I found out that 1 tenant is actually 6 months late in rent and I was horribly misinformed from the start.
Seller has started eviction process but this will not finish before close of escrow, so I'm trying to get seller to agree to assignment of rights to let me continue the case on my own after escrow closes.
Seller's agent is demanding we put all eviction agreements into escrow. I am almost certain that if my lender get's wind of it they will not fund the loan. I do not even want to ask.
Loan officers... will you still fund a loan with an ongoing eviction?