OK... here is one for you:
My sellers purchased in September of 2008 with the $7500 grant from the government that wasn't actually a grant at all, but a loan to be repaid over 15 years.
During a preliminary title search I discovered a lien for $7,711.12
the Trustee is: "The Director of Housing"
the Beneficiary is: "The Secretary of Housing and Urban Development" (HUD)
I assume this is the 'loan' they got from the government when they purchased.
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I don't know if this is quite the same thing, but I had a FHA short sale with BofA that had a partial claim on it. We ended up getting it closed but BofA actually required the entire amount of the partial claim to be repaid. In order to get the full amount paid, and still be within the 88% of the appraised value, we ended up having to do some things with the commission and reducing the seller paid closing costs. It may work the same way. Good luck
I was just contacted by Darrell Powell, a HUD specialist at The National Servicing Center and he explained to me the process.
Essentially, a partial claim was made and the servicer will need to request a variance from HUD. I don't believe the partial claim had anything to do with the Loan/grant that was given. Coincidently, the partial claim amount just happened to be close to the grant/loan amount. The partial claim was made for missing house payments last year.
My clients are checking with a tax advisor to see if they will still be responsible to pay the remaining balance on the grant/loan back via their taxes.
Thank you Darrell Powell - I really appreciate your assistance!
Awesome! Darrell is a member of our site and is very good at helping our members out. Thanks Darrell!!
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