Quick question on filling out the HUD

Hello folks-

 

So I have an offer on my first short sale.  The property has three mortgages on it.  The first mortgage is in the amount of $478k (Litton), the second mortgage is in the amount of $111k (Litton again), and the third mortgage is in the amount of $110k (PNC).  The purchase price is $395k.  I am trying to negotiate with the third mortgage at this point, and they are requesting a HUD be submitted with the entire package before they will consider it.  How do I know how much to offer the third, $1k? $5k? or a percentage based on the percentage of the total loan balance they representated?

 

Thanks so much for any help!

 

Kate

Views: 47

Replies to This Discussion

Permalink Reply by Wendy Rulnick on June 17, 2010 at 9:49am
Kate - That is a conundrum. You should be negotiating with all at once, as difficult as that might sound. The third mortgage is the weakest, of course. Since Litton is all in-house, they might take $1000-3000 for their junior (if it has not been sent to collections). I would just be guessing what PNC might want - try $3000.
Permalink Reply by Kent Dills on June 17, 2010 at 9:56am
Kate, I agree with Wendy. $3,000 sounds like a nice round #. Start with that.
Permalink Reply by Kate Joynt on June 17, 2010 at 9:57am
thanks guys!!
Permalink Reply by Brigitte Powell on June 17, 2010 at 12:06pm
Your negotiator is not doing this? ALL ask for a HUD! before they consider anything....there is no offering at this point. You will get nothing unless a HUD1 is submitted (formulated by your closing attorney). They need to see what is there for the taking

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