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Call me tomorrow afternoon if you want to discuss it further. 864-485-9283.
Travis, This $400 for the HOA Lien should be coming out of the Seller's Incentive per FHA PFS Guidelines.
Been working on a FHA/BofA short sale for 18 months now and hopefully am down to the last stage... In submitting the HUD1 we are short approx $400 to pay off the HOA lien. BofA is saying it can't be on the HUD in the commission section(I offered to pay it out of my commission), that has to stay at 6%.
BofA says - " I just had a file pass through quality with the exact same issue. They were paying off a lien and agent contributed the remaining. $2250 was listed in the 500's (can also be in 1300's) and the remaining portion the agent was paying was in the 400's."
Closing attorney replies - "400 section of the HUD is a credit to seller, this will then add funds (not to the HOA) but to their net fee and the bank will get the difference, Travis I suggest you bring us a check for the 407.40 or we will deduct this from your commissions and leave off the HUD or our firm will be shorted and have to pay this from our fee. I can list in the 500 sections but 400 is credit to seller section not a section I can pay a fee by an agent."
BofA replies - " I understand and appreciate your help with this HUD. We are extremely busy as well. In order to move forward with this file the HUD has to be listed as I stated. I realize this would leave a credit to the bank. We are paying off the lien. I just qualified a loan this week in the same exact situation. The remaining balance the agent was paying was listed in the 400’s."
Closing Attorney reply - "Then I think it needs to be switched to another law firm, I can no longer assist with this HUD..."
Anyone out there been in this situation before? This is the last chance to close on this property as we are past the dates on the approval to participate...any help would be greatly appreciated!
OH AWESOME...Congrats!!! Small victories are worth celebrating!!! Pass over some of that good mojo...I could use it on a SS that I am waiting on BofA for!
Uilani - The loan is gone... I don't have to wait for anything :)
Hi Wendy- We had this situation on a file and it took forever, because of a FCL date we had to take it out of that procedure and do the short sale which the approval came within days. If you have time to wait it's a great thing, but call and ask them what the timeline looks like. When I was doing it they said 30-45 days for the letter but were behind so it may be longer. Just a heads up though.
Awesome Wendy! I've done a few BOA HELOCS, but none in awhile.
I cannot for the life of me understand why Real Estate Agents are so sympathetic to "Seller(s)", especially in a short sale. I fully understand SOME are actually experiencing a hardship, and cannot afford their mortgage. I also fully understand some are "abusing the system" (with your help I might add!). The short sale I purchased was on a CW mortgage, The CASH money the homeowners received (125% of the home value) was used to purchase a different property, and they apparently had no intention of keeping the mortgaged property. Not only did they "walk away" from a 30K plus debt, they kept other property, and were paid by the Bank (incentive(s) to do so. If ANY of you think this is acceptable, or somehow an entitlement, I strongly urge you to to consider a career change! Not everyone is honest and forthright folks! As a buyer, I look at the transaction from the Seller's perspective as well. I HAVE TOO, to make sure everything is above board and correct. Recently had a vacant lot purchase fall through because the deed was in both spouse's names, but only the male was on the Property Appraiser records. As soon as I brought that to the attention of the Selling Agent/Listing Agent, we went from "let me know and I'll prepare the contract" to "I pulled the listing" (over the weekend). Check, double check and then when you think you are sure, check one more time!! It will save you a LOT of headaches!
Pattilynn - it's like winning the lotto in some ways. Wow.
Congratulations Wendy! I've been trying to get B of A to let me kill those helocs resulting in more money for them but if they want to extinguish the debt and it helps a seller - all good!
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