I am working on my first short sale deal.

 

We got the approval, was instructed to upload a certified HUD-1 3 days before closing?

 

I wonder who will prepare this HUD-1. Does it need to include buyer's loan information, just like the final HUD-1 in a normal sale?  Do both buyers and owners need to sign and certify the HUD-1? How to do the certification?

 

The buyer's bank has problem providing the numbers for the HUD-1 5 days before closing. Not sure how we can push the bank to provide such numbers.

 

Thanks for any of your help!

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The title closer @ the closing will be able to give you all the information that you need to up-load. Dont worry the hard part is over.
I closed on an equator short sale last month. Good Luck!
Thanks, Denise!

But in the approval letter, it said that the HUD-1 should be uploaded 3 days before closing for approval. The closing date is Aug 2nd. Do we need to upload the final HUD-1 before July 28th?

Can we wait after the closing for the closer to give us the numbers?
Ok. What you have to do is call the seller attorney and get the hud-1 from them or the title company and upload that for approval. Then at the closing the title closer can give you the final items you need.


John w said:
Thanks, Denise!

But in the approval letter, it said that the HUD-1 should be uploaded 3 days before closing for approval. The closing date is Aug 2nd. Do we need to upload the final HUD-1 before July 28th?

Can we wait after the closing for the closer to give us the numbers?
So, the HUD-1 to get bank approval before closing doesn't need to have the buyer's exact mortgage numbers. Just need to modify the preliminary HUD-1 that the bank has approved?
You can speak witht the attorney or title company and the will give you what you need.. BOA has to approve the HUD-1 before you can close on the dea.
Hope this helps.
Thanks Denise,

Could you give me more detailed instruction?

Both the attornies and agents don't have experiences with short sale. The closing attorney doesn't disclose the tilte company yet. I am concerning if we are going to mess up with the HUD-1. The deal has been with Bank of america for about 1 year, and have messed up with equator several times.

Appreciate your help!
That might be the problem. You have to find a way to stress to the attorneys that you need that HUD-1 within BOA time frame or else they might just cancel the deal. Thats the only thing that will help.

Good Luck,

Denise

John w said:
Thanks Denise,

Could you give me more detailed instruction?

Both the attornies and agents don't have experiences with short sale. The closing attorney doesn't disclose the tilte company yet. I am concerning if we are going to mess up with the HUD-1. The deal has been with Bank of america for about 1 year, and have messed up with equator several times.

Appreciate your help!
The HUD needs to be as close as possible to the one that was approved. This is actually not the FINA HUD...but they should be able to have nearly exact numbers at this point (based on the estimated closing date). Once this is approved, and escrow closes, then the agent must upload a certified final HUD. Usually the preparer can stamp the final HUD (at least they can in California).
Do you mean that there are two steps? the first step is to have one HUD that has approximate numbers to the final number for the bank to approve, which is required to be uploaded to equator 3 days before closing; the second step is to have the final HUD for closing, certify it and upload the final HUD. Does that one has some deadline? Can we upload it after closing? Thanks very much!

Laura Marshall said:
The HUD needs to be as close as possible to the one that was approved. This is actually not the FINA HUD...but they should be able to have nearly exact numbers at this point (based on the estimated closing date). Once this is approved, and escrow closes, then the agent must upload a certified final HUD. Usually the preparer can stamp the final HUD (at least they can in California).
We have the attorney's office/title company prepare the final HUD once the buyer's loan package/closing instructions are in, using the offer worksheet that they send with the approval for the seller's numbers. That is what we upload in Equator. In my experience it has not taken 3 days for them to approve...usually same day.

When I had changes to one last week to what was supposed to be the final HUD, I uploaded the new one into the library and e-mailed it through Equator to the closing officer. This took making a couple of calls before I got approval on the new one since I already had approval on the old one. You also have to input the summary numbers (sales price, net proceeds for the first and second lien, total closing costs, commission proceeds) when you upload the HUD.

Hope this helps!
John. The HUD you upload for approval needs to be the final HUD with ALL figures. Then after closing you will upload the SAME HUD after it has been signed by ALL parties. If the attorney or closing agent cannot provide the HUD 72 hours in advance then you need to find another closing agent.

John w said:
Do you mean that there are two steps? the first step is to have one HUD that has approximate numbers to the final number for the bank to approve, which is required to be uploaded to equator 3 days before closing; the second step is to have the final HUD for closing, certify it and upload the final HUD. Does that one has some deadline? Can we upload it after closing? Thanks very much!

Laura Marshall said:
The HUD needs to be as close as possible to the one that was approved. This is actually not the FINA HUD...but they should be able to have nearly exact numbers at this point (based on the estimated closing date). Once this is approved, and escrow closes, then the agent must upload a certified final HUD. Usually the preparer can stamp the final HUD (at least they can in California).
It should be the closing attorney to prepare this prior to the closing. When you received the BofA Short Sale approval, it came with wiring & approval instructions. This should be provided to the closing attorney/settlement company. From there, they will prepare a HUD for final approval to BofA prior to closing. :)

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