My client has an Acorn grant that she will have to repay if she sells before Aug 2012. She has lost her job and cannot make her payments anymore and wants to do a short sale. What happens to the Acorn grant if we sell before August? Is it considered a second lien, does it get attached to her income tax? Any assistance would be greatly appreciated?
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I would think this is a subordinate lien attached to the property. If so, then it's like any other "down payment assistance loan" that must be negotiated off in order to sell the property. Find the Servicer and call them.