July 2017 Blog Posts (2)

HUD lien junior to the first mortgage.

We had a surprise just before closing on what we thought was a traditional sale.  We found out the seller had a loan modification in 2015 that include and $80,000 junior lien from HUD. This made the payoff about $20,000 short to close and HUD would have to agree to take $60,000 to $65,000 and release the lien and note. According to the seller's attorney, HUD doesn't negotiate.  I don't believe that because after 500+ closed short sales I've never experienced a lender that would not work with…

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Added by Edward Goldfarb on July 18, 2017 at 1:47pm — 4 Comments

Approval Problems

Has anyone been having an even more difficult time getting the approvals over the last 4-5 months than usual?  Seems like lenders are holding back since the market has gotten better or is it just me? 

Added by Kathy Moore on July 7, 2017 at 9:57am — 1 Comment

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