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Nika Sutton
February 18, 2023
Question

How do I record EMD that was sent by private lender?

  • February 18, 2023
  • 1 reply
  • 0 views

Hi Everyone! 

 

I am adding second lien mortgages for our properties to my books and ran into this new one. Occasionally private lenders don't send the money to us first, and then we bring the cash to close at closing. They send the EMD (or full amount to close) directly to the attorney. How do I record that transaction since there is no track record on our end but we obviously still owe them the money now? Thank you!!

    1 reply

    D
    docsbp29
    February 28, 2023

    Tell the lender you can't pay until you get something from them saying what you owe and what it's for. Or get a copy from the attorney and hopefully what you get will reference a property address or something.

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