US Bank HUD short sale with 2 judgment liens

Does anyone know how much HUD will pay towards junior Liens. I have 2 judgment liens, spoke with both of them today  ( beginning process of short sale) and both are not willing to budge .  Both credit collectors.  I am hoping buyer will make a cash contribution to both and HUD will allow.  Between the 2 liens they are only $10,000.00.  I am hoping as we get further into the process with approval letter from 1st, they will be more willing to settle for less.  Any advise on how to plan...  Thank you so much

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Permalink Reply by Kevin - Greenville, SC on June 18, 2013 at 9:22pm

The Mortgagee (Bank) can pay up to $2500 w/o HUD's approval towards subordinate lien(s).  $1500 from HUD and $1000/$750 from the Seller's Incentive.  The tiered net proceeds must still be met.

Call me if you have further questions.

Kevin

864-485-9283

[email protected]

Permalink Reply by Sherry Beattie on June 19, 2013 at 8:28am

Thank you so much for the information, Its very helpful  I love this site.

 

 

Permalink Reply by Kevin - Greenville, SC on June 18, 2013 at 9:22pm

More than likely they will have to budge to make this work.

Permalink Reply by Wayne Brooks on June 19, 2013 at 7:56am

Brian, how the heck can they "underwrite around the liens"?  Are they making them exceptions, which means the title policy is junk?

Permalink Reply by Kevin - Greenville, SC on June 19, 2013 at 8:02am

I've heard this before.  Some Title Companies are willing to take the risk if the circumstances are right.  I think it's a pretty rare occurrence though.

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