Replies to This Discussion

Permalink Reply by Bryant Tutas on June 27, 2011 at 10:14am

Gail. This is not a legal issue. No one can force the 2nd to take less than they want. It is however a HUD FHA guideline that they will only pay $2,500  to the JR Lien. $1,500 is actually the seller incentive. So in order for the 2nd to get more from HUD you will need an exception to the rule. Or the buyer or seller can pay the difference.

Permalink Reply by Gail Oleaga on July 12, 2011 at 2:12am

Good Morning Bryan,

 

I have been to the Presidents Office of BOA with this Matter. An exception was turned down by both HUD and BOA. The buyer agreed to either pay the difference or the entire amount but it cannot show on the HUD1 or HUD will not approve the Short Sale. Now, the Seller was considering borrowing the money and paying prior to closing to settle the debt and BOA said she cant because paid outside of escrow the entire amount will go to principal and not settle the debt.

 

Sooooo, there is no solution I can think of. I filed a complaint with the OCC, not sure if they do anything but it was worth a try.

 

My client is going to Foreclosurer because both Banks have there rules and no one will bend . . .over $1200!

 I need someone much higher up to review this, perhaps even outside of these Banks. Any suggestions?

 

Gail

Permalink Reply by Kimberley Kelly on July 12, 2011 at 2:44pm

No suggestions.  The Banksters are running things.  Absolutely does not make ANY sense, but perhaps they figure they can pursue for collections after the sale???  I'm in Calif. so don't know where you are. 

 

Logic and Banks..two words that do not belong in the same sentence.  Good luck!