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How to negotiate HOA ATTORNEY'S lien release on Short sale
BOA HAFA SHORT SALE APPROVED 2/24/12,Wells Fargo(WF) HELOC 2nd pending Approval/ release ...now 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?
Replies to This Discussion
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Permalink Reply by Drew Ludlow on -
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.
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Permalink Reply by William F Griffin Jr on -
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.
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- Negotiating Techniques 1
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- Disputing Bad BPOs
- Cash Contributions and Prom Notes
- Negotiating Junior Liens
- Lead Generation
- 10 Short Sale Mistakes
- VA, HAP and FHA
- Getting Short Sales Closed
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