Major Error on HUD-1 statement


#1

Ok, So I’m set to close on a deal in Atlanta tomorrow and I received a preliminary Hud1 for review. It showed everything correct except no line item for the lender loan to be paid back . It showed me (seller) receiving a large profit which included the lenders loan.

What do I do ? Do I advise the closing attorney, lender or ???

thanks
Alan


#2

Do you have a loan payoff letter?

It can’t close like that.

The bank has a lien against the property. It isn’t satisfied by paying you.

Advise everyone. Maybe the bank can just fax over the payoff tomorrow. I’d email who I could TONIGHT. Leave messages. The sooner they start working on it, the better.

Good luck.