BOA HAFA SHORT SALE APPROVED 2/24/12,Wells Fargo(WF) HELOC 2nd pending Approval/ release how to negotiate w/ HOA's Attorney on a $2400 lien? Seller has no $$$, buyer's saying NO WAY(for now).

Latest court notice, "MOTION TO CONTINUE ON THE INACTIVE CALENDER" 2/17/12. PLAINTIFF TO FILE Motion for JUDGEMENT by DEFAULT 15 DAYS after the Entry of Default is entered.

Is their a Judgement / Lien recorded yet?

Views: 393

Reply to This

Replies to This Discussion

Very interesting.... in fact, I was just ready to make a separate post on this EXACT topic, but thought I would include it here.

I just got BoA approval on my HAFA short sale with BoA as the first and an HoA second lien.  The HoA (through their attorney) agreed to take $2500 as full settlement.

Now... I read through the MHA Supplemental Directive and thoroughly read the portion about the Seller using their relocation incentive.  The MHA Directive will NOT allow that incentive to be used for a non-mortgage lien.

But, I spoke with my negotiator today just to ask anyway.  I specifically stated that this is a lien.  She said it was OK.  I could reduce the HAFA relo incentive by $2500, place the remainder in the 500s section of the HUD and then place the HOA lien payoff in the 1300 section.

I even got it in writing in an email from the negotiator that this was the procedure she wanted to payoff the HOA "dues/lien".

Now... my guess is that by putting it in the 1300s section, it appears as just 'dues' and not a lien.  Maybe that was her reasoning, because the Directive DOES allow the incentive to be used for other things.

This is not a FNMA loan, by the way.

Anyway, it might be worth it to ask your negotiator if your seller can use the relo money for this purpose.

Get a new buyer that will buy subject to lien.  We just sold 3 short sales in the last month where the buyer took it subject to the lien.



© 2018   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************