Aurora has aproved a short sale but offered the second $0.
After negotiating the second (STCU a small local crdit union) will take $5K.
The buyer is willing to pay the $5K.
There are additional closing costs that Aurora did not offer to cost, approx $570.
We are having issues as to wher this information appears on the HUD-1. I am thinking line 409 as a POC for the $5k and I am not sure where the additional closing costs fees fit.
Should the adendum to the purchase and sale agreement be made for the $5570 with the defiency being waived and then increase the purchase price?
If you have any HUD-1's you can e-mail me or fax me giving examples of what has worked I would really appreciate that. I'll take samples of any HUD-1's you're willing to offer. I am willing to share what I get minus the person's office and personal client information.
I have an attorney on board but we are having issues getting the answers from the banks as to what will work.
No cover letter necessary. I am a one person office.
I only have until Januaty 10th to close.
Teresa Simon
509 535 6500
Fax 509 532 8000
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Kathleen - Don't get me started on Aurora. Last month I about gave up on an offer that had been in for over 3 months 3 months when out of the blue a rep called me with a counter. They wouldn't give anything in writing. I could not get anyone to speak to after that by calling their number it kept giving me the automated message of when my workout package was sent. Finally, I looked at the call that came in and used the negotiator's direct line (which he did not give). They also would not contact me, only homeowner, even though they acknowledged they had authorization. They are horrible, second perhaps only to Green Tree. It took them almost 3 months to do the BPO. They countered reasonably, buyer just wouldn't come up any. They want to do everything verbally. They only would send correspondence the home owner by mail, after the fact. I actually had to have the rep print a response off his screen and send it to me as a secure message for the buyer. Yes, it can be done but be prepared to wait. Also, contact homeowner or have owner call in. None of them would tell me anything specific but when he would call they would talk to him. They lost faxes constantly. Send them over and over.
Teresa- Thanks for post - I'm encontering a similar situation on another deal. Good luck!
With your help we are moving along. The only issue I can see at this point is that the 2nd wants better clairification that the 1st intends to give them their money.
The negotiator is out for the holidays. Another negotiator will look at the file tomorrow.
Thanks,
Teresa
really? what first lienholders will allow any additional monies to to the second?
I have never experienced that one. If there is money to be had...the first wants it.
Aurora is my current SS and they are not responding to phone calls, emails or escalation. I am hoping it is only holiday mode, but does anyone have success with aurora accepting an offer??????
I actually am not sure. I will have to look. My phone discussion was that I would be sending a HUD-1. Then we got jammed on how that would look to get it through. Monday doesn't seem so far away now.
Thank you for your help Brian, Kevin and Wendy! Merry Christmas!
Buyer Payment to CU should go on Line 109 on the Buyer side and line 409 on the Seller side. Is Aurora aware of the 5K coming from the Buyer going to a subordinate lien holder and was the approval issued with that verbiage? The $570 should go on whatever lines that money needs to be designated for (taxes, deed stamps, etc.) and will need to be paid by someone in the transaction. Also, is Aurora requiring a Final HUD-1 be sent over prior to closing or just that the receive their min net proceeds after?
Teresa - Most senior liens don't mind a buyer paying a junior lien on the HUD.