Good Morning,
We have a HAFA short sale approval with BOA through LRC. There is a judgment on the Seller which is clouding the title. HAFA has agreed to pay the judgment creditor the $6,000 allowed to subordinate lien holders. The judgment creditor will only fully release the judgement for $20,000. Can the Buyer pay towards the judgment to get the full release? We need to be able to show it on the HUD.
Thanks for your valuable input!
Pam
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If the buyer and their agent are okay with it, I do not see can problem with what you have stated.
I would presend the payment with the back of the check stating the amount to be refunded to the buyer if the transaction doesn't close.
The best 2 ways to do this are on the HUD-1 on the side of the buyer - usually the new mortgage co objects, and a POC. You might as well get started early asking BOA how/where they want the POC - it's funny how the trivial can take for freakin' ever. Usually somewhere in the 500's, as I recall, you'll have POC to xxx with $0.00 on the line and everyone will be happy.
If the title co doesn't know how to set up a POC, you need a real title co. ;-) Technically, money is escrowed until the closing and they make sure it goes to wherever.
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