Okay, so it's established that if the buyer is going to contribute to the second to get them to release their lien, it must be on the HUD.
However, where does it need to be on the HUD? Does it matter and what are the different implications? Does it have to be in the dollar amount field or can it be written as a line item in text "Seller contribution to 2nd lienholder $8,000.00 POC) just like if an appraisal etc were paid outside closing?
Seems fully disclosed to me... Your thoughts?
SEE THE ATTACHED SAMPLE HUD FOR A CLEAR EXAMPLE OF WHAT I MEAN
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http://www.hud.gov/offices/adm/hudclips/forms/files/1.pdf
Got it from HUD. Here's the link. It doesn't do the math for you though. Here's an excel version attached.
Have you had any issues with the bank when the money actually goes into escrow? I mean bc they don't want to allow the second to get too much from "sale proceeds". However, they'll allow it if it is POC by buyer.
My thinking is that loss mitigators a partially judged on their ability to mitigate losses. They probably have numbered goals and if it's structured such that it isn't sale proceeds, they are okay with it. Your thoughts?
I am in the same situation and my buyer's lender does not want the buyer contribution to the 2nd on the HUD? When I call and talk to him . . . he just says this is a conversation we did not have. Why should he care if the buyer pays the 2nd $2,000. If we have to do a POC . . . do you give it to the title company or do you send it directly to the 2nd lien holder?
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