Replies to This Discussion

Permalink Reply by Mary M. Bremer on November 14, 2011 at 5:54am

Yes buyer can pay towards second.  

The $14K goes on the buyers side of the HUD payable to the 2nd lienholder.

If the buyer is financing, then always best to have him run by his lender first to make sure that that money is not going to jeopardize his loan to purchase.

Permalink Reply by Pamela Walsh on November 14, 2011 at 6:08am

Mary,  Have you gotten this approved on a HAFA?  We have accomplished it just as you outlined on a regular BOA short sale. Thanks for your quick reply!

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on November 14, 2011 at 6:16am

Unless this property is being sold drastically under-market, WHY would a Buyer be willing to sink an additional $14,000 in cash into the property?  What if, no one except the 1st pays the judgment holder anything?  Are they willing to receive nothing at all?  What kind of judgment is this at $92,000 ! 

 

Good luck !

 

Thom Colby

Broker

Newport Beach & Palm Desert CA

Permalink Reply by Pamela Walsh on November 14, 2011 at 6:23am

Yes...the property is a killer deal (already approved). The judgment is a  personal line of credit that the owner had with Wells Fargo. Totally unrelated to this property.  He was a builder; and they got a summary judgment.   WF (so far) will not take $6,000 to release the lien. The buyer is willing to pay $14,000 in a heart beat.  Our concern is will HAFA guidlines allow the buyer to pay?

Permalink Reply by Kevin - Greenville, SC on December 6, 2011 at 6:39am

Not always.  It would have to be Approved by all parties who are agreeing to accept a short-payoff.  Sometimes Investor Guidelines prohibit (but 'sometimes' even this is negotiable).