BUYER IS WILLING TO PAY SHORTAGE TO THE 2ND, BUT BOFA WONT ALLOW IT TO BE DISBURSED ON HUD, it says is ILLEGAL.
I AM REPRESENTING BUYER AND SELLER.
BOFA ON FIRST, PAYING 4k TO SENCOND
SECOND IS GMAC WITH ETRADE AS INVESTOR, DEMANDING 15K. (NO WAY I CAN GET EITHER TO PAY MORE...THERE IS NO WAY)
BUYER IS WILLING TO PAY 11K shortage.
ORIGINALLY I SHOWED BOFA THAT THE DISBURSEMENT WAS BEING PAID FROM BUYER TO THE SECOND, WITHOUT AFFECTING THE ORIGINAL Net to the first required.
The negotiator at BofA tells me that because I am in California the buyer can not contribute towards the 2nd. I called my legal department and they told me that as long as the First lien holder allows it, I can have the buyer pay for it. However, negotiator at BofA says this is illegal.
Now, negotiator at BofA suggests requesting this to Closing officer, that maybe be they will be able to grant me that.
Also, if the disbursement is not possible, the 11K will have to come out of the total commission.
****I am interested in knowing if any of you are familiar with situations like this, and regarding the legality of such disbursements in California.
Thank you very much in advance.
Replies to This Discussion
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Permalink Reply by Enrique Vasquez-Plaza on
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Not HAFA, thanks/
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The one contributing (and willing to contribute is the buyer) and is not HAFA. Negotiator said no, but probably Closing officer will say yes, that is what they said.
The original buyer walked, so I am getting the new approval, negotiator says it will be out this week. The second is rock solid on 15K.
Wow, I am glad to hear, despite being in 11' that you were able to pay shortage on HUD. I am not trying to pay shortage outside. I want to do it through escrow.
Thanks!
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