Need your ideas and assistance Superstars. I have an FHA short sale and the seller has a HELOC with SLS which has been written off but the lien has not been released.
SLS sent me acceptance of the short sale but is demanding $4,836 and the primary lender (BoA) will only give $2,250 as per FHA guidelines.
The seller is broke and has no way of bringing any money to the table nor does he have anyone to borrow the funds from. He is willing to sign a promissory note but SLS informed me that they do not accept promissory notes and the cash funds must come from someone (seller, buyer, real estate agents or a combination of same). It is a lower priced property so reducing commissions to contribute doesn't work either.
The purchase contract is for more than enough to meet the minimum net proceeds required by FHA and the buyer won't pay anymore.
Should we revise the purchase contract to a lower purchase price with the buying paying the additional funds to the secondary lien holder???
Any idea and assistance will be greatly appreciated.
**********************************
like buttons
Replies