How to negotiate HOA ATTORNEY'S lien release on Short sale - Short Sale Superstars2024-03-29T15:51:26Zhttp://shortsalesuperstars.com/forum/topics/how-to-negotiate-hoa-attorney-s-lien-release-on-short-sale?feed=yes&xn_auth=noGet a new buyer that will buy…tag:shortsalesuperstars.com,2012-02-28:3468065:Comment:2160802012-02-28T01:15:50.264ZWilliam F Griffin Jrhttp://shortsalesuperstars.com/profile/williamfgriffinjr
<p>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.</p>
<p>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.</p> Very interesting.... in fact,…tag:shortsalesuperstars.com,2012-02-27:3468065:Comment:2158422012-02-27T18:14:56.882ZDrew Ludlowhttp://shortsalesuperstars.com/profile/DrewLudlow
<p>Very interesting.... in fact, I was just ready to make a separate post on this EXACT topic, but thought I would include it here.</p>
<p>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.</p>
<p>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…</p>
<p>Very interesting.... in fact, I was just ready to make a separate post on this EXACT topic, but thought I would include it here.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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".</p>
<p>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.</p>
<p>This is not a FNMA loan, by the way.</p>
<p>Anyway, it might be worth it to ask your negotiator if your seller can use the relo money for this purpose.</p>