Most Important Line To The Lender On A Hud-1
is line 220 if i am correct?
That is the line that lets them know how much they will net, or am i missing something?
I am trying to fill out a hud -1 for a short sale, they owe 52k and it needs work so i am going to offer 15k.
If i understand correctly, when filling out the hud-1, i ignore the fact that 52k is owed and put 15k as the contract price.
Aside from that the only lines i fill out are
.106,107,201,204'cash',300,400,504,
1101,1102,1201,1203,1302 and 1400.
PLEASE tell me if i have laft anything out.
thanks
has anyone filled out a hud-1 for a short sale that can advise me one what lines must be filled out?
Verb
The more complete your HUD1, the better it will be for your presentation.
List all Seller costs to pass title including all liens, property taxes, etc. that must be paid from proceeds.
Bear in mind that the Seller must receive ZERO proceeds. The mortgagee will be very much interested in their net recovery.
Where do you find all of these costs?
Can someone please take us all one step further and clarify after you have the P & S agreement filled out....how do you go about estimating all of the costs on the HUD 1 sheet?
Lefdi,
Your friendly neighborhood title co. can help you. You can ask them to fill out a preliminary HUD1 or you can ask them over the phone what this item on line number such in such would cost roughly etc.
Kelly(WI)
go to www.easyhud.com . for a nominal fee you can fill out a HUD-1 very easily. they ask basic questions and it gets formatted into the form.
http://www.easyhud.com is a joke! For a test I gave them the $$ just to see how they filled it out. Joke. I do not reccomend them.
let me expand. They do not ask for enough info to fill out the hud 1 completely. They do not explain anything. i cancelled my subscription for a full refund.[ Edited by WheelerDealer on Date 04/03/2004 ]