I have received the same missing document letter twice. I have called, but the English impaired person on the other end of the phone can't tell me what they request means. The scheduled somebody to call me back, which of course never happened. I sent in a new email with a letter asking what the heck they wanted....I got another missing documents letter. SO, here is exactly what the request is:
Please provide an updated HUD-1 settlement with the amount paid to other liens such as junior lien, judgment lien, tax lien or any other liens that the above property may have with the unpaid balance specified for each lien holder.
Yes, that was all in one really long run on sentence. On the same request they are asking for an unpaid principal balance statement from the junior lien holder as well as a commitment letter for a reduced payoff............so I don't understand what they want to see on the HUD.
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We just went through this. They want an updated HUD based on a closing date you are specifying in the short sale with all payments made so that they will have an EXACT amount showing what they will be getting at closing based on your short sale offer. They won't approve the short sale until they have that. If your closing isn't exactly on the date shown, then you or someone else will have to make up the difference. After they approve it...they expect that exact amount and since OCWEN is a mortgage servicing company, they will go to the Investor to get the approval yay or nay based on that HUD and "appraisals" to show if its a reasonable expectation.
But what I am reading on this is that they want the "unpaid balance" on the HUD. That is illogical because if it is on the HUD, that means it is getting paid...yes? no?
it is the :unpaid balance specified for each lien holder" that is confusing both me and the title company.
The payoff amount on the HUD will be whatever is left to bring the bottom number to zero. Hope that helps. I'm not sure how you could show the Unpaid balance...In our case, we didn't do that. They were able to deduct themselves the amount they would get from the amount they said was owed to come up with their shortfall.
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