I've got a BOA/HUD short sale approval but 2 junior liens (a local bank and a mechanics lien, both have judgements) that won't accept the $1500 ($750 each) offered by HUD/BOA. The homeowner filed bankruptcy last year but the liens weren't removed because the homeowner is not occupying the property. How do I make this short sale work? My BOA negotiator says I can get payout letters from the junior lien holders and request a variance from BOA/HUD to give them more money. No guarantees it will work, though. I have heard HUD/BOA won't give more than the $1500; I have also heard that they might. So I'm confused about that. Then I lost the buyer so now I'm back on the market and trying to find another buyer. I'm getting some cash buyers that are interested and I'm wondering if I can work out something where the cash buyer pays what the junior liens want along with the BOA short sale on the first mortgage. How do I pull that off? Or, what direction should I go with this?
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Well - you actually have $2500 to play with, as BOA wont pay that $1500 until your seller contributes their $1000 incentive.
If that wont cover it, I would try to get the seller to contribute.
Lower your commission or have the seller bring in the money. Junior liens remain in a Chapter 7.