Buyer pay towards Sellers Judgment???
Good Morning,
We have a HAFA short sale approval with BOA through LRC. There is a judgment on the Seller which is clouding the title. HAFA has agreed to pay the judgment creditor the $6,000 allowed to subordinate lien holders. The judgment creditor will only fully release the judgement for $20,000. Can the Buyer pay towards the judgment to get the full release? We need to be able to show it on the HUD.
Thanks for your valuable input!
Pam
Replies to This Discussion
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Permalink Reply by Pat Chadwell on
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If the buyer and their agent are okay with it, I do not see can problem with what you have stated.
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Permalink Reply by Teresa Simon on -
I would presend the payment with the back of the check stating the amount to be refunded to the buyer if the transaction doesn't close.
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Permalink Reply by joe beauchamp on
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The best 2 ways to do this are on the HUD-1 on the side of the buyer - usually the new mortgage co objects, and a POC. You might as well get started early asking BOA how/where they want the POC - it's funny how the trivial can take for freakin' ever. Usually somewhere in the 500's, as I recall, you'll have POC to xxx with $0.00 on the line and everyone will be happy.
If the title co doesn't know how to set up a POC, you need a real title co. ;-) Technically, money is escrowed until the closing and they make sure it goes to wherever.
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