"Alright - HUD rejected. Need seller name to match as the note holder. They have reopened the task for us to resubmit.
Here are my options as I see it and I would appreciate any input.
Option 1 - quit claim back to the note holder name and see if…"
"The agent tried calling several times all the way up to 6:00 EST yesterday. Does anyone know what time they open? He plans on calling first thing. Is their any other advice anyone may offer to get the HUD approved for closing…"
"Everyone must be busy today. The agents is telling me that he still does not have HUD approval yet. Can anyone share experience as to how long they typically take and what to do to expedite the process? We are supposed to close is…"
"Just as a general question, how long does it typically take to get approval of a HUD through equator with Chase? The closer said to upload the doc there as opposed to faxing per the approval instructions. Should I suggest to the agent or…"
"Thom - the listing agent is also representing me. And to make you all smile, he is the brother of the note holder. This has of course been disclosed to Chase. Of note, he is not getting paid a commission either because of the relation.
If chase did…"
"The note holder was approved by Chase.
Chase does not know of the phantom owner, unless they have performed a title search.
The listing agent is aware of the phantom owner.
I believe the note holder thought he was the owner, when we started 10…"
"So - the attorney is able to get title insurance on the transaction! However, the HUD will show the current owner as the seller, who is not the note holder. I am sending it up to Chase shortly for approval and hope that it goes through.…"
My attorney was on vacation and is returning tomorrow. I know he has the prelim report on his desk and I will be speaking to him bright and early tomorrow so we will see. I agree on what you are saying the State can do -…"
The property is currently not in the note holders name. My attorney has a signed quit claim in file from the current owner back to the not holder, that has yet to be recorded - which I think is a good thing. As I mentioned,…"
"There is an interesting twist to this. The tax lien is on the individual. This individual, who is the mortgage holder, conveyed the property out of his name. The tax lien was then filed a couple years later on the individual. The best I can tell, it…"
"Yea - this is a income tax lien - sorry for the confusion. The seller has nothing (insolvent) and is in poor health so the State may or may not be willing to release the lien from the property. There is no equity in the property at all…"
"Thank you Thom and Sheyenne. I think the honey approach is what lies ahead of me. I am going to see what we can do to get the ball rolling ASAP. With an HAFA approval, will Chase typically agree to the up to $8,500 being paid?…"
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