Replies to This Discussion

Permalink Reply by Paula Bachman on April 4, 2013 at 4:01am

Everything must be on the HUD, SLS should not be requesting funds outside of the HUD. Your title company/attorney would not allow funds being paid out of the HUD and SLS should be well aware of that.

Permalink Reply by Karin Christa on April 4, 2013 at 4:06am

yes it is happening to me right now. The first is with Bayview they approved it with 10% to the 2nd SLS - agents offered to pay the difference of 3825, that SLS is demanding. We put it all onthe hUD, but the primary has to follow HAFA rules and need an approval letter to state only the 8500. but they allowed SLS to add that any additional funds will be collected from other parties without mentioning the amount of the added funds. SLS will not comply they keep insisting that California doesn't allow POC payments, we never ask for POC and it was clearly noted on the HUD. I finally located the President of Etrade the investor for the 2nd and told him what is going on with their servicer forcing the borrower into foreclosure.

I am waiting for a reply.

Permalink Reply by Sara Mehrpouyan Los Angeles CDPE on April 4, 2013 at 8:05am

Hi Keji-- I have had SLS as a 2nd loan on a short sale before. The way that SLS set it up was the the SELLER made a payment to the account on SLS of a certain amount and after that payment was received by SLS, they issued a short sale approval letter for the amount that the 1st lender was giving them on the Short Sale. Luckily, my seller was willing to make the payment to SLS. 

Permalink Reply by Keji Ogunleye on April 4, 2013 at 11:45am

Must be on HUD-1 that is my point and answer to my buyers!!!!