Does anyone know how much HUD will pay towards junior Liens. I have 2 judgment liens, spoke with both of them today ( beginning process of short sale) and both are not willing to budge . Both credit collectors. I am hoping buyer will make a cash contribution to both and HUD will allow. Between the 2 liens they are only $10,000.00. I am hoping as we get further into the process with approval letter from 1st, they will be more willing to settle for less. Any advise on how to plan... Thank you so much
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More than likely they will have to budge to make this work.
The Mortgagee (Bank) can pay up to $2500 w/o HUD's approval towards subordinate lien(s). $1500 from HUD and $1000/$750 from the Seller's Incentive. The tiered net proceeds must still be met.
Call me if you have further questions.
Kevin
864-485-9283
kevin@kevinsellstheupstate.com
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