Comment

Comment by Brett Goldsmith on September 13, 2019 at 11:42am

@kay You need to check with the 1st lien if the investor or insurer allows contributions to show on the settlement statement. Some do ( typically private investors ) and others do not ( GSE's typically have caps or may not allow contributions ( FNMA AND FHLMC ). If it's allowable you simply write an addendum and show it as a contribution on the HUD towards the subordinate lien payoff.

Comment by Jan Sanderlin on September 13, 2019 at 6:36am

I had a short sale with Wells Fargo in first and Citi Mortgage in 2nd a few years back. The 2nd demanded twice the offered amount and Wells Fargo allowed the additional funds to be paid to Citi Mortgage. Thom's comments are prudent and wise. It was a while ago however I do recall the ADM covered those bases.  

Comment by ElizabethWeintraub00697006LyonRE on September 13, 2019 at 6:23am

Excellent point made by Thom Colby. Although you likely have something in your paperwork that makes the short sale closing contingent on short sale approval, and you might not get approval with a buyer contribution to the second. The first lender's usual objection is if there is any money floating around, that lender will want it.

Comment by Thom Colby CA Brkr 888-391-5245 on September 13, 2019 at 6:07am

Specify the loan # that will be paid against - also put something in there that says the buyers contribution is contingent on written approval from both the first and the second and it will be paid through escrow at closing..

Comment by Dean E Eshelman, CPA, CDPE, IRES on September 13, 2019 at 6:05am

Kay - lso search this forum for "2nd lien"

Comment by Dean E Eshelman, CPA, CDPE, IRES on September 13, 2019 at 6:01am

Kay --  You don't say what type of mortgage (FHA etc). So is the 2nd asking for more that $6,000. A lot of times the first will allow a payment to the second up to $6,000 to close rather than the buyers paying. Put the $$$ first lien is to pay the 2nd on an estimated HUD. I have never had buyers contribute to 2nd.

Comment by Kay VanKampen on September 13, 2019 at 5:48am

I need help.  I am preparing an addendum for the buyers to contribute additional funds to the second mortgage, Wells Fargo) to satisfy the lien.  This is what I wrote:  Buyers and Sellers agree that Buyers will contribute $$$$$$ to Wells Fargo Home Mortgage at closing to satisfy short sale conditions.

I want to make sure the first mortgage does not come back for additional funds.

Have any of you had to write this up?  Please share if you have.

Comment by Helena Kaucheck on August 22, 2019 at 3:49am

Hi Pamela that’s happened to me a couple of times. I make every lender send me something in written form (email typically) acknowledging the green light to proceed as well as confirm receipt. Some lenders don’t green light in email form so I address through verbal documentation. 

It is nerve wracking! I’m glad it’s being addressed. One of those times happened because the rep went on vacation.  The transaction took shouldn’t be effected by internal disorganization 

Comment by Pamela Burt on August 22, 2019 at 3:13am

I don't know how many of you still are doing short sales with WF. I got Short sale approval letter which clearly states to submit final HUD 48 hours before closing. I did.... and It's been a full week now. It was finally pulled from a Shelby V Johnson and given to another Debra Gilchrist. Still waiting. Buyer in the lobby ready to close. LOL

Comment by Brett Goldsmith on March 8, 2019 at 8:17am

@julie typically depends on investor, but many servicers have 5 business days and a weekend as the marketing time line as this is a FNMA and FHLMC guideline. FHA short sales have different marketing time frames depending on foreclosure status, etc.

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