Two Separate Huds
I am doing an ASC 1st and HFC 2nd. We have the first hud to ASC with a payout of $13,000 which is 10% of the loan and the HUD to HFC with $8,000.
A collegue told me on the second HUD I should only send in what HFC will get and not allow them to see what ASC is getting.
Have you done this?
Replies to This Discussion
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Permalink Reply by Trina Gonzales on
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Can you clarify your scenario a little bit? So, the 1st is with ASC? Are you offering them market value in settlement? Does 10% represent market value in other words? For your 2nd lien, you need to show them only what you expect the 1st lein to actually pay them. Otherwise, if you send over a request for short pay of $8000 to your second lien and the 1st ultimately only allows $4000, somebody is going to have to make up the difference or you wont get signature to close at the end. Even if you get a shortsale approval letter from the second, they must sign off on your final HUD in order to close and record. I hope that helps a little.
Best of luck...
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Permalink Reply by Ben Benita on
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As ALWAYS:
STOP dealing with the people that read FROM the scripts (negotiators)
and
START dealing with the people that WRITE the scripts (decision makers)
Knowing WHO to call and what to say to them will alleviate 90% of your short sale headaches, AND, get and keep your closing ratio at or above 90% as well!!!
email me if I can help - [email protected]
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Permalink Reply by Joseph Alfe on
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exactly, and some here need to learn the difference between a "Preliminary" HUD which is an estimate and not accurate, vs a Final, accurate closing HUD. I ALWAYS overestimate numbers on prelim HUD's, because you never know what last minute changes will pop up.
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