quicken loans will only approve $ 2500 for second payoff and NYCB will not accept anything less than 10% of the balance ( $ 6175) .
Buyer agreed to pay the difference but Quicken Loans will not allow it on the HUD,
Is such of FHA guidelines as not paying over $ 2500 for second or they using this as an excuse not to approve the Short Sale? I'm pulling my hear out, Please help me?? Any suggestions?
Thank you so very much.
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Elena, we have run across this a few times - mostly with SLS. Even if you send over FHA guidelines to the 2nd they usually do not budge. If the buyer is willing to put up the difference in funds to close, the only way we have been successful is if we overnight the funds directly to the 2nd lien holder and once received, have them issue you a short sale approval letter showing that they are accepting the $2,500.00. Best suggestion is to get on the phone with your negotiator at the 2nd and run the scenario by them and see if they are willing to work with you. That way everything lines up on the HUD but they still get their money. Email me if you have any further questions. Hope this helps!!
alexis@loanworkoutgroup.com
That is a good idea, thank you Alexis I will give it a try.
Thank you all for your help.
Elena,
FHA guideline state 2,500 max to subordinate lien holders. I'd be escalating with the 2nd to see what can be done. Have you spoken to any supervisors/managers over there? Many times it's all about who you speak to and how you communicate the case.
I don't know if anything can or can't be done, but we would love to take a stab at it if even the opportunity.
Brett@ishortsalenow.com
www.ishortsalenow.com
310-564-6389
Thank you so much, I will keep you posted. enjoy your day