Posted on: 05th Apr, 2009 03:02 pm
We're refinancing and will be paying $42k to bring the mortgage down to the $417k non-jumbo limit. The closing attorney refuses to accept a cashier's check and is demanding that we wire the money in advance. There is no contract or paperwork for the advance to be wired. The attorney says that because the cashier's check is so large, it will take 4 days to clear and that he would have to cover that because he has to have a cashier's check issued for the payoff to the old mortgage company within two days.
Is this legit? Comments? Advice?
This just doesn't seem right. What if we wire him the cash and he gets hit by a bus before the closing?
Is this legit? Comments? Advice?
This just doesn't seem right. What if we wire him the cash and he gets hit by a bus before the closing?
Hi Charlie. This sounds a little weird. I preferably would not do a wire transfer and would do the cashiers check as i see no problem with this. Yes it would take a few days to clear but the check is as good as gold hehe. Yes if he would get hit by a bus you would be out 42k dollars..