Adam Leitman Bailey, P.C. recently represented a lender on a residential mortgage refinance where the borrower had an extremely common first and last name.  The borrower was 82 years old and desperately needed to refinance for a lower rate.  On the day of closing a last minute condition was sent by an underwriter for the lender.

The borrower’s daughter-in-law shared the same first and last name as the borrower and had previously resided at the borrower’s home.  The borrower’s son and daughter-in-law had since moved to their own home in another city and had obtained their own mortgage.  Since the borrower and daughter in law shared the same name and once shared the same address this new mortgage was showing up on the borrower’s credit report in error and our client (the lender) added a condition that it must be paid in full at closing.

Of course this was not possible and the entire deal would have died at the closing table.  However, Adam Leitman Bailey, P.C. stepped in and worked with several different  underwriters to agree on 3 specific items to remove this condition at closing.  We obtained a photocopy of the daughter-in-law’s ID evidencing the same name but different address.  We also obtained a copy of the son and daughter’s mortgage statement showing the loan was indeed on another property.  Lastly, we submitted a signed letter from the son and daughter confirming the loan was in their name and on their property.

This evidence was sufficient to remove the condition and the closing was saved.  We are now working with the credit bureau, post closing, on having the lien removed from the borrower’s credit report so that she will never run into this issue again.