Running out of time!

Help! I have a short sale going nowhere.
The 1st lien Wachovia won't give anymore money to the 2nd Chase (a Heloc)
The 2nd wants 3k more and isn't budging. THe buyer is willing to bring in more money to make the 3K diff but the 1st won't allow it in escrow. The 2nd won't allow the buyer to bring money outside of escrow either. The 1st has given me their approval of the short sale but it expires in 2 wks.
What does an agent do in a case like this?

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Permalink Reply by James ferebee jr on October 9, 2009 at 1:56pm

You should be able to place those funds on the buyer side on the HUD.
I have placed them on area Gross amount due from borrower on the HUD as Buyer paid costs to 5/3rd for seller and those funds move over to the seller's side of the HUD and will show in the seller's net as more funds.
I have done this numerous times. As long as it's on the buyer's side no one ever cares and the 1st is not going to gripe because they are getting what they want. I have done this many times when the second wanted more funds. I just place the extra on the buyer's side and we go to closing I have also placed the extra amount in the 1300 area of the HUD1 see this hud I will upload where the second Kentucky retirement wanted 18K and I paid the civil penilty lien too there was extra money on the deal so it got paid..
The 1st Countrywide at the time did not care that I paid the extra funds on the buyer's side.

Jim

Attachments:

File_20072185_-_Closing_Docs_04_Mar.xls, 150 KB

Permalink Reply by James ferebee jr on October 9, 2009 at 2:03pm

Check out this second HUD the 2nd wanted 4K total. The 1st stated they would get 1K so the extra 3k was placed on the buyer's side in the 1300's area of the hud as paid for the seller.
See that HUD attached also.

Jim

Attachments:

File_20082458_-_Closing_Docs(1)A.xls, 171 KB

Permalink Reply by Pahua Ly on October 9, 2009 at 2:28pm

When you say 1300...what line in the borrower's transaction are you referring to?

Permalink Reply by Pahua Ly on October 9, 2009 at 2:29pm

Ok, I see it.. .you mean line 103

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