Does Short Sale Lender Have to Pay HERO/PACE lien? - Short Sale Superstars2024-03-28T11:44:24Zhttp://shortsalesuperstars.com/forum/topics/does-short-sale-lender-have-to-pay-hero-pace-lien?groupUrl=chase&xg_source=activity&feed=yes&xn_auth=noBrett some HERO loans have to…tag:shortsalesuperstars.com,2017-09-28:3468065:Comment:3893122017-09-28T23:13:23.398ZTony Moraleshttp://shortsalesuperstars.com/profile/TonyMorales791
<p>Brett some HERO loans have to be paid as they stay in 1st position so extremely difficult for buyer to get financing. With a standard sale most sellers have to pay it . But this is a tax. I have explained to the buyer's agent that the short sale lender pays delinquent taxes, not future taxes. FHA and VA do allow financing with HERO tax lien so the buyer has to qualify for higher mortgage payment that basically has 2 taxes on the property. I can't throw a reason at short sale lender to…</p>
<p>Brett some HERO loans have to be paid as they stay in 1st position so extremely difficult for buyer to get financing. With a standard sale most sellers have to pay it . But this is a tax. I have explained to the buyer's agent that the short sale lender pays delinquent taxes, not future taxes. FHA and VA do allow financing with HERO tax lien so the buyer has to qualify for higher mortgage payment that basically has 2 taxes on the property. I can't throw a reason at short sale lender to obligate them to pay it.</p> Based on what you have said I…tag:shortsalesuperstars.com,2017-09-28:3468065:Comment:3894042017-09-28T23:05:54.601ZDean E Eshelman, CPA, CDPE, IREShttp://shortsalesuperstars.com/profile/DeanEEshelman
<p>Based on what you have said I agree with Brett. See if the lender will pay it or part of it. If not the property is going tobe subject to the continuing tax each year. Thus a new buyer will have to pay it.</p>
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<p>Based on what you have said I agree with Brett. See if the lender will pay it or part of it. If not the property is going tobe subject to the continuing tax each year. Thus a new buyer will have to pay it.</p>
<p></p> No documentation states that.…tag:shortsalesuperstars.com,2017-09-28:3468065:Comment:3893062017-09-28T22:56:29.996ZTony Moraleshttp://shortsalesuperstars.com/profile/TonyMorales791
<p>No documentation states that. It is automatically transferred to new buyer as it is a yearly property tax. and not an issue with title company</p>
<p>No documentation states that. It is automatically transferred to new buyer as it is a yearly property tax. and not an issue with title company</p> From my understanding and exp…tag:shortsalesuperstars.com,2017-09-28:3468065:Comment:3892052017-09-28T22:56:02.347ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>From my understanding and experience, HERO liens have to be paid in full or just take the property subject-to the HERO lien since those payments are backed into taxes. This is how it is in CA from my experience. Hero liens on a SS are a curve ball for sure. Don't expect the servicer to allot money towards it and if they pay anything towards it I'd consider it a blessing.</p>
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<p>Brett@ishortsalenow.com</p>
<p>310-564-6389…</p>
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<p>From my understanding and experience, HERO liens have to be paid in full or just take the property subject-to the HERO lien since those payments are backed into taxes. This is how it is in CA from my experience. Hero liens on a SS are a curve ball for sure. Don't expect the servicer to allot money towards it and if they pay anything towards it I'd consider it a blessing.</p>
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<p>Brett@ishortsalenow.com</p>
<p>310-564-6389</p>
<p><a href="http://www.ishortsalenow.com" target="_blank">www.ishortsalenow.com</a></p> The question is -- 1) Does th…tag:shortsalesuperstars.com,2017-09-28:3468065:Comment:3894012017-09-28T22:47:50.144ZDean E Eshelman, CPA, CDPE, IREShttp://shortsalesuperstars.com/profile/DeanEEshelman
<p>The question is -- 1) Does the documentation state that it has to be paid on transfer of the property? 2) Is the Title company requiring it to be paid to give clear title?</p>
<p>The question is -- 1) Does the documentation state that it has to be paid on transfer of the property? 2) Is the Title company requiring it to be paid to give clear title?</p>