Unique situation: 1st(Freddie) is whole with a 2nd and 3rd lien on prop. We have an approval letter from 1st saying they'll give up $6K to jr. liens which leaves $33k unaccounted for. We have spoke to servicer(Wells) and they us that the excess was going towards the late fees and the foreclosure atty. I have done enough SSs to know I haven't heard of this happening before. Title says they cannot properly do a HUD with $33k missing-I believe that...we have escalated to Freddie waiting for an answer....What should we expect? Please let me know if you have run into a similar situation...
When you say Freddie Mac is whole what does that mean? Does that mean they are being paid off in full? Freddie Mac only allows up to 6k to subordinate liens if it is a short sale. Any excess funds will go back to the 1st lien after 6k is allotted to the 2nd and 3rd if they are being shorted. What do you mean 33k unaccounted for?
Feel feel to call me at 310-564-6389 as my door is always open.