I am close to getting a deal done with the 1st lien (Wells Fargo) & the 2nd (CHASE).
Wells Fargo has verbally accepted the buyers offer & preliminary HUD. Also,
Chase agreed to accept $3,000 to release the 2nd lien, but have not forgiven
the remaining debt. Chase has agreed to
forgive the remaining debt if my client will bring an additional $2,000 cash to
closing. However, Wells Fargo has emphatically told me "Please be advised
that we will not allow any contributions to the 2nd lien at closing".
How can I get around this? What are my options, because my client can pull together $2,000 to get a forgiveness
of debt.
Tags:
to get around this, we have SOMEONE (Seller, Buyer, agent, whomever) send in the $2000 PRIOR to closing, making it refundable if the short sale does not close (MAKE CERTAIN YOU GET THIS IN WRITING).
This way, the stars are in alignment.....nothing happens AT closing, it is done prior thereto.
We have also put items on the HUD as P.O.C (paid outside closing) and they have been approved.....
to get around this, we have SOMEONE (Seller, Buyer, agent, whomever) send in the $2000 PRIOR to closing, making it refundable if the short sale does not close (MAKE CERTAIN YOU GET THIS IN WRITING).
This way, the stars are in alignment.....nothing happens AT closing, it is done prior thereto.
We have also put items on the HUD as P.O.C (paid outside closing) and they have been approved.....
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