Did You Know?

Daniel on June 24th, 2008

If you are buying a co-op and have applied with different lenders, there is a possibility that one of the lenders has filed a UCC-1.  Here’s why this may cause a problem: the lender you have not chosen may have filed a UCC-1, which will appear as an open lien and may impact your purchase or refinance (in the future).  Here’s what you can do: ask the lender you have not selected (or your attorney to contact the lender’s attorney) if a UCC-1 has been filed asap - doing so may help you avoid a delay in closing.
 
- Daniel  
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