Tuesday, July 7, 2009

Coordinate or Pay Up

I've never taken out a business loan (start up costs for a self-employed writer not being terrifically huge), but I have had mortgages and refinanced them a couple of times.

I remember a mad scramble on at least one occasion to ensure that a loan payoff went through on the same day that our new home loan was scheduled to open.

We all sat in the mortgage office on tenterhooks as our broker called around and we waited for faxed confirmations to come over the phone lines.

Not having someone ride herd on loan coordination - and it seemed like some luck was also involved - can land you in the situation covered this week in my Smart Answers column.

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