At Shafritz & Dean, we pride ourselves on navigating even the trickiest real estate closings with professionalism, clarity, and empathy. Recently, we had a closing that reminded us just how important it is to have an experienced legal team at the table.
In this particular case, everything was moving smoothly—until the seller saw the final payoff amount and refused to sign. The issue? A HUD second mortgage from a prior loan modification that the seller either didn’t remember or fully understand. They had only factored in their original first mortgage and were shocked to see a higher total payoff than expected.
Rather than letting the deal fall apart, we stepped in to walk the seller through the modification process. We explained how second liens are often part of government-backed modifications and must be paid in full at closing, regardless of when the property is sold. By calmly reviewing the documentation and breaking things down in simple terms, we helped the seller understand that this wasn’t an unexpected charge—it was a legitimate part of their mortgage agreement.
Ultimately, the seller agreed to move forward, and the buyer was able to take ownership as scheduled. Our client was extremely grateful that we kept the closing on track and avoided delays that could have jeopardized the deal.
This situation is a perfect example of why having a knowledgeable and steady hand at the closing table matters. At Shafritz & Dean, we don’t just push papers—we problem-solve, educate, and guide all parties to a resolution that works for everyone.
Have a complicated closing coming up? Let us help you bring everyone to the table—and walk away happy.