Comment

Comment by Kylee Roe on January 17, 2012 at 3:43pm

Gawd...every player (banks, originating lenders, investors) is making it so difficult for each other as we "progress", I wouldn't blame the banks if they went back to foreclosing because it IS easier for them. What a cluster-you-know-what.

Comment by Christy Brock on January 17, 2012 at 3:23pm

@ Henry - I believe you are in California, in which case, it is against the law for a Seller to contribute to the short sale.  If the loan is owned by certain investors (such as Freddie Mac) then the Buyer is not allowed to contribute either.  Even though the HUD was approved, it may be that the reviewer did not catch the payment to the 2nd since it was on the Buyer's side.  I recently received a short sale approval letter which stated "no other payments allowed to 2nd lien holder".  I would message the closer and negotiator in Equator and confirm the payment is allowed.  When the final HUD is reviewed by the group that closes out the file, your file may be rejected, in which case, you will have tremendous liability since the Buyer will have keys and may already be in the moving process.

Comment by Stephanie Hart CA 310-930-2342 on January 17, 2012 at 12:39pm

Henry glad that worked for you. I have tried but often times I have FHA buyers and the lender won't allow that on the buyers side. It is a catch 22:)

Comment by Henry Adams on January 17, 2012 at 12:26pm

Hello all in regards to my questions yesterday about BofA not allowing 2nd to get more than $5,000, and rejecting the buyer contribution of 12K. They did mention that they didn't want anything coming from buyer or seller, but I think it was more of a formatting issue. I resent a hud-1 with the buyer contribution in the 1300s buyers side, instead of 400 seller's side.  They approved the HUD-1 without any issues.  I hope this helps the community.

Comment by Dawn Barrier eXp Realty Vegas on January 17, 2012 at 10:37am

Thanks Thom!  Hopefully, they will come around on this, I may have to escalate it though.  I hope you can get the Trustee Sale date delayed or close before it!

Comment by Thom Colby CA Brkr 888-391-5245 on January 17, 2012 at 10:25am

Dawn - this is what I received in Equator:

 

"Hello, Bank of America will not pay more than $X,000.00 to a 2nd lien. The only way to cover the $XX,000.00 difference is if the buyer / agents contribute. Please let me know as soon as possible what you would like to do with this file. Thank you, XXXXX YYYYYYYY "

 

And subsequent to that:

"When listing the credit for the 2nd it usually is listed in the 400 section of the HUD. Thank you, XXXXX  YYYYYYYYY"

 

In our case, the Buyer will not pay more so the agents are paying with their commissions.

Comment by Dawn Barrier eXp Realty Vegas on January 17, 2012 at 10:01am

craziness!  Buyer contribution was noted in hud 400 section too but now trying to say can't be done....why would they accept agents $ allowable and not buyer? 

Comment by Thom Colby CA Brkr 888-391-5245 on January 17, 2012 at 9:26am

As of this morning;  1) Buyer will not pay anymore for the property (it is at market value) 2) Agents are cutting commission by $XX,000 to make up the difference.  BofA is ok with that as long as it's on the HUD shown in the 400 section.  My big problem now is we have a Trustee Sale on 2/6 and probably not enough time for the Buyer to get his VA loan done.  BofA will not consider postponement until 3 days prior to TS.  Catch-22.

Comment by Dawn Barrier eXp Realty Vegas on January 17, 2012 at 9:19am

Thom Colby: did BOFA state they will allow buyer to pay SLS, going thru same issue now and BOFA did not put it in the approval letter even though it is on the worksheet and Hud.  They are also now trying to say the approval I have in hand is paying 2nd too much!

Comment by Oscar Lopez on January 17, 2012 at 7:22am

Ben & Thom Thanks for the post.  Anna this is what I needed to know.  Thanks for the comment.

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