Nicole W. asked
I'm looking for someone with experience in advance loan fees/commitment fees for a big loan. The loan is to fall under the state of New York Laws. We are a small company seeking startup capital and are being asked to provide a commitment fee to compensate the lender for his commitment to lend. The fee is applied to interest payments when the loan is transferred. Additionally, the loan is supposed to go to the lender's 'holding account'. Will the banker hold our funds until the lender deposits his? Or can the lender (who may not even be a real person) simply take our cash and disappear? We are trying to understand how to protect ourselves from fraud. The loan and commitment fees are quite substantial.
May 22nd, 2023
Elizabeth T. answered
It is customary for lenders to charge a commitment fee on a loan, which is subject to negotiation de...
May 22nd, 2023
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My son had an accident years ago and has some deficiencies. He lost a home to foreclosure through USDA, and they are now requesting a debt settlement package from him. He makes $34,000 per year and shows no ability to pay back the debt. The home belongs to USDA, and they have not disclosed the sale price. Is he required to fill out and send the debt settlement package to them?
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