Legal Question in Real Estate Law in Virginia
subordinate loan
There is a subordinate loan attached to my mortgage loan at the time of closing. I don't know why it is there. There is a large sum of money that I haven't seen nor know where it went. Please explain. Thank you.
1 Answer from Attorneys
Re: subordinate loan
Has the loan already closed? Don't sign anything.
I am not sure what hte situation is, but this sounds extremely strange. You should definitely have a lawyer look at this ASAP. Need to see the documentation.
If there is additional money being borrowed and you don't know about it or approve, that is very, very bad, and probably fraudulent.
However, are you sure it is not something like borrowing the down payment?
Don't jump to conclusions.
But investigate immediately, don't delay.
How long ago was the closing? Moving quickly may be important.
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