US Bank -- a few questions about Retention Options letter and HUD-1
Hello Short Sale Superstars,
(Guys, I am new to this site, so please excuse me if I am doing something wrong, BUT I need your help!)
We are doing a Short Sale where two loans are both with US Bank. The first one is for about $120K and the second no interest loan is for $2.5K. How much would you recommend we ask for the second on HUD?
Also, they requested "Retention Options" letter. Does anybody know what exactly they are willing to see here? Maybe there is some special US Bank form for this?!
Your help and advise, as well as any relevant information, is much appreciated!
Cheers!
Vince
Replies to This Discussion
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Permalink Reply by Becky Martin on
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If the homeowner is delinquent they send out a letter with options for them, ck with your homeowner for this as it may be what they are asking for, it has the loan number and their name on all the forms and is a financial package they fill out and sign and my homeowners package had an authorization that we filled out with my information. I would ask for $250 for the 2nd personally, good luck:)
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Permalink Reply by Vince Huntington on
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Thank you so much Becky, I really appreciate your time and your advise!
It seems that the Sellers haven't received that package yet, as they stopped making their loan payments less then two months ago. Also, I was concerned with this $2,500 second as it is "no interest" for 30 years. I know that US Bank normally opens these as a matter of their "closing costs assistance". So, I was wondering if such "no interest" second would be any different from "regular" seconds. Have anybody of you, Guys, dealt with these US Bank "no interest" seconds?!
~Vince
P.S: Thank you just once again, and have a great long weekend! :o)
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