We have approval from Wells Fargo the first with them providing 7500.00 of the 34K that is being paid to the second mortgage PNC. Upon submittingthe HUD for final approval Wells Fargo states know that the second mortgage cannot receive these funds even if they are voluntary. I called my Real Estate Attorney and he also said that YES they can contribute if it is voluntary. Does anyone have any infor on this or a resource to direct me to. We are suppose to close on Tuesday.
THANK YOU!
Kim
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Yes, Your Seller can if they want too, but I don't think that means Wells Fargo has to allow it. Just like with any other SS with a contribution as it must be approved by all Lien Holders.
your attorney is correct. in the new law it states that a bank cannot "demand" a seller contribution. But according to the legal team at the CAR, the seller can volunteer to a payoff as long as it was not a requirement or a "demand" for approval. Just went through this with an MI company