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Updated almost 5 years ago,

User Stats

31
Posts
10
Votes
Steve Karpinski
  • Real Estate Agent
  • Havertown, PA
10
Votes |
31
Posts

Paying Private Lender

Steve Karpinski
  • Real Estate Agent
  • Havertown, PA
Posted

Just wanted other investors and lenders opinion on this. I have a private loan for a flip i am doing. The closing is supposed to be this Tuesday March 31. I already  got the mortgage commitment letter and everything was basically done and waiting to close. The buyer's lenders came back Friday and asked for proof of employment to still move forward on the settlement. The husband is still working but the wife is currently unemployed. She runs a daycare and will go back to work whenever the kids can go back. I am sure I am still going to have to pay my private lender but I just feel like this is totally out of my control I had the house sold and is a rare situation. I feel like I should just owe up until March 31. I pay monthly payments so my best solution might be to just ask him if he will allow me to defer the remaining interest since I can't really buy or sell houses right now. I signed the COV-19 addendum with the couple so we will still close it's just a matter of when. I offered to rent the house to them since all there stuff was ready to be moved Tuesday.

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