As anyone dealt with any short sale lenders that will agree to pay the HERO tax assessment? Are lenders declining short sales due to the HERO being a "future" tax bill rather than a current or delinquent tax? Need responses
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Comments
Ok, I'm not aware of that financing aspect. Servicer generally won't pay for it in full from what I've seen.
I can recall on one transaction we paid it off in full with agent commissions, etc.
Brett... a buyer, with exception for a VA buyer, cannot obtain a loan when there is a HERO assessment. no portion of it can be transferred. How can you convince a short sale lender to cover the entire fee that really is not due yet. The borrower did not get authorization to add an encumbrance that supersedes the first mortgage. So why should the short sale lender pay it?
Usually it's transferred with title to the new owner. Obviously the seller should disclose this to the buyer. Typically servicers will not pay the hero lien off in full. Depending on the servicer and investor you may be able to get some sort of payoff towards it or if taxes are delinquent that may cover that portion that encompasses the hero tax lien too. I'd gear up to expect that the new buyer will need to take it on. Best of luck.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com