Update: On closing day, a third mortgage was discovered, making funds insufficient. We’ve agreed to a short lender extension. Has anyone dealt with a similar situation?
Wow, that’s a tough twist on closing day. Have you considered talking directly with the lender about potential ways to cover the gap? I’m curious if anyone else has navigated a similar surprise and found creative solutions.
I encountered a similar situation once when an unexpected encumbrance was discovered at closing. My immediate response was to consult with an escrow attorney to examine the document trail and understand the legal ramifications. Coordinating with the title company also provided clarity on how this additional lien affected the overall funding. Proactive communication with all parties involved helped in negotiating an extension and eventually clearing the issue. This experience underscored the importance of thorough document reviews and early expert involvement to ensure smooth proceedings despite unforeseen complications.