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Most all of the notes or cash contributions are negotiable. Everytime they inform me of a note or cash at closing from the client i send them a letter from the client showing that they are solvent and they usually waive it. If not ask for a cumber (lump sum0 cash amount instead of the prommisory note and see if the buyer will pay that on behlaf of the seller by creating an addendum. Hope this helps
Kristi - I think you mean you tell the bank they are "insolvent" and not solvent, don't you?
Elvira, I suggest you have the homeowner write another hardship letter and go more into detail about their personal and financial hardship and submit it to the bank. Find out who the investor and MI companies area and send a copy to them as well.
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