OneWest will not allow outside contributions - please advice need to close by 5/17/13

We have an approval with the 1st OneWest expires 5.17.13

1st Lender is saying no outside contributions

Five Lakes Agency servicer for Chase does not want to settle for less than $30,000

If are all willing to contribute how do I get around to POC

We need the approval letter from Five Lakes Agency for $15,000 to the buyer's agent LENDER

I have worked on this file since August of 2012 - we need to close - Trustee Sale 5.29.13

In reading the Approval letter from OneWest (1st lien holder) in detail -

paragraph #4

4. Neither the borrower nor any other party may receive any sales proceeds or any other funds as a result of this transaction, except as explicitly noted below. Any contributions by the borrower may not be reduced if the sales proceeds exceed the required minimum payoff. If the combined amounts of the sales proceeds and the contributions total more than the amount of

the mortgage, then contact Indymac Mortgage Services for further instructions. Any rights to escrowed funds, insurance proceeds, or refunds from pre-paid expenses must be assigned to Indymac Mortgage Services.

Any input will be greatly appreciated.

0 members like this

Replies to This Discussion

Permalink Reply by Ben Benita on April 30, 2013 at 3:51am

I would still just put it on the HUD as a P.O.C item and see what the bank says.

If they deny, escalate.

If they still deny, go directly to the Investor on the loan and they WILL approve it.

You can also just pay the $15k with specific instructions to have the monies returned if you do NOT close as scheduled (we have done this in the past).

Email me direct if I can be of further assistance - [email protected]

Permalink Reply by Marty Macisso on June 12, 2013 at 10:05am

Mariana

This sounds identical to a deal I have, how'd it play out for you ?

RSS

Welcome to
Short Sale Superstars

Sign Up
or Sign In

Or sign in with:

Members

View All

Badges | Report an Issue | Terms of Service

Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.