Need Help

We are dealing with a short sale. They are willing to take 179.4k as payoff(Freddie Mac, 92% of BPO). Tax proration on this is about $4400. That would mean payoff is about $179.4k+$4.4k = $183.8k. If I receive a payoff from this Loan Servicing Inc. today, I should be able to use that payoff for anyone, correct? Or it would probably be a stip in the payoff? Next Monday the account will be moved over to another bank so I am trying to hurry up.

Thanks,
Chase

Comments(2)

  • TheShortSalePro27th January, 2005

    A "payoff letter" is not necessarily the same thing as a short sale approval letter. The payoff amount is included in the short sale approval letter, as are closing instructions, and conditions.
    [addsig]

  • Ruman27th January, 2005

    Do they typically include the buyers name as a stipulation for closing?


    Quote:
    On 2005-01-27 14:04, TheShortSalePro wrote:
    A "payoff letter" is not necessarily the same thing as a short sale approval letter. The payoff amount is included in the short sale approval letter, as are closing instructions, and conditions.

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