I am working on a short sale that a Title1 insured by HUD 24 C.F.R. 201.(2) (e). One of the requirements is to have the borrower acknowledge that any release will not release them from the remaining obligation due on the loan.
The loan is with Admirals Bank. Does anyone have any experience with this? The First lien holder will not approve if the junior lien holder does not give up the right to collect on the deficiency.
Any help would be appreciated
Tags:
Who is the investor on the 1st note? If the 1st requires deficiency balance to be waived and you can't negotiate the 2nd to waive it, it would be a deal killer. I've seen this happen a few times, but hopefully with creative thinking and the right information a resolution will become possible.
310-564-6389
© 2024 Created by Brett Goldsmith. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.