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I was referred a client for an investment property 2 family purchase in the Bronx.
The client had excellent credit, was putting down 30% and the property cash-flowed well. This deal looked like it hit all the boxes and it was going to be a smooth close, at first.
The property had an open violation, when the buyers attorney pulled title, we were made aware of it. I had to speak to the underwriting committee and explain to them that based on the other merits of the deal, we should close with an escrow agreement in place. They agreed.
I was later made aware that the tenants in the property were giving the owners issues on vacating the property. We had to get an attorney involved. Papers were filed, and people were served. We managed to ,“motivate” the tenants to start packing.
The seller of the property, then ended up going to the hospital. Luckily her health returned, and she was discharged from hospital. * 2 months had passed.
While we were preparing to schedule loan to close, the borrowers credit expired. (credit reports are good for 60 days) When I repulled credit the clients FICO had dropped from a 740 fico, to a 550 fico.☹
I called client immediately, he told me he had no idea what happened. He called his wife ( who was out of the country) The wife had charged few things and had not told our client, so he missed the payment because he did not know he owed the money.
I instructed the client to pay down the bills, immediately and bring me proof. He did it the same day. Brought me proof and I submitted the proof to our credit vendor. I did this in order to RAPID RESCORE the client. ( this is term we use to get a new FICO based upon new debt reductions)
Clients FICO came back up to 640. I was able to bring this report to committee. We scheduled and closed the loan.
No clients were hurt during this transaction.
We never give up, that’s the HGRN Difference. We close the deal.