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Old 10-06-2016, 08:24 AM
  #7  
coastboater
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Join Date: Jan 2003
Location: Charleston, SC
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Originally Posted by Lobstercatcher229 View Post
I appreciate the vast knowledge of THT folks.

I loaned money for someone to buy a house. That house closed this week. After payment of the loan and other expenses there was some profit. That profit has been given to the homeowner. As the lender my payoff hasn't happened yet.

As the lender we are getting different excuses, reasons, why the money hasn't been wired. Are there some protections if after the latest "reason", closing today for the Hurricane on the Florida East Coast my loan payoff money disappears?

The homeowner sold the house through a realtor, which I have read has some protections.
I'm confused by your explanation.
You loaned money to someone that bought a house and has now sold it?
Or, you loaned funds to someone that just purchased the home?

If the former, the escrow company should have satisfied your loan by wiring you the funds.
The buyer taking funds from closing is immaterial, unless the latter scenario, and you expect him to pay back your loan.
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