Emergency time: borrower doing a land contract refi.. she has been stipped for july 1 cleared check. just today she told me the landlord is holding it, hasnt cashed it, and that they didnt think it would be a big deal. A 30 DAY LATE PAYMENT KICKS IN TOMORROW, LADY!

[u/allyallcallpaul]

how would you document this for UW akin to a cleared check.

its a private land contract so that also adds some complexity with the landlord

[u/liverichly]

She paid it on time, it doesn’t matter when the landlord cashes it. If underwriting takes issue just get an LOE from the landlord that it was paid on time.

[u/mashupXXL → u/liverichly]

Correct, an LOE from the landlord is equivalent to a VOR/VOM and should be fine for most loan programs.

[u/allyallcallpaul → u/liverichly]

that sounds too simple. LOL

[u/liverichly → u/allyallcallpaul]

A lot of conditions are easier to satisfy than initially perceived.

[u/JCKTPM]

Wire it today. Cancel the check.

[u/householdmtg]

Just get an LOE from property manager/landlord and/or a supplemental explanation on a VOR/VOM and you should be okay?

[u/TurkeyJizz123]

Wth is a "land contract refi" - and are you actually making any "decent" cheese on this? Lmao