Change in approved HUD
Have a COOP short sale with BOA as 1st and Ocwen and 2nd. Got approval from both last month and prelim HUD was approved to close by the end of Sept. The title company just got docs from the lender today but of course the tax prorations and charges have changed. If the title company uses approved amounts it has the seller bringing $850 to closing which he is not able to do. I have made several calls and sent a couple of emails through Equator but have not heard back...any sugesstions on what to do? Should I just upload the prelim HUD with an explanation? Thanks!
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Permalink Reply by TOP END Properties on
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In CT banks do not have to pay the Convenience tax in a Short Sale or REO Transactions. See if your state has a similar ruling.
To avoid this, you should always assume a closing date further away. You can also try to pump up the attorney fee and request the attorney cover the overage.
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