Secrets To Paying Of Second Mortgage
My dilemma continues. I think the secret lies in Having your buyer use the right lender and the right lawyer. I even prescreened the lenders atty.
CW is only agreeing to paying 2500 of the second note with BOA.BOA wants 5000 Total. BOA wants the additional 2500 to come outside of Closing. We cannot let CW know that we are paying the additonal 2500. Does anyone know if Quicken can write two seperate checks. One for CW. and then a seperate one for BOA. Or is it possible for the atty to cut a check to BOA for the second from the total. Just not list it on the HUD that goes to CW. Any suggestions. Greatly appreciated.
Thanks
Thanks !!! Sorry . Actually it is Homeq and BOA on second.. So from what your saying . The balance that is going to the second will have to be paid out of pocket. Because , we can only put 2500 that is going to BOA on the HUd. Homeeq will not allow any more.
I am sure you can pay BOA the extra $2500 from buyers side (you pay) and put it on HUD at line 1304/ 104
did you offer a promissory note for the $17,000 difference?
Quote:
On 2009-01-14 15:35, ICGPROPERTIES wrote:
did you offer a promissory note for the $17,000 difference?
It would still need to be on the HUD1
There is NO legal reason a prom note would need to be on the HUD 1.
Another possible solution is to by the jr note from the investor prior to close or if theres commission a 1st may allow an agent to contribute.
Wow !! Thanks for the info. I have not tried this yet. We almost got a fourth extension but Homeq claimed that our Proof of funds got to them to late for postponement. So to get the next extension , seller filed bankruptcy. They were going to do it anyway. This holds up the auction and if we can continue the short sale negotiation if Will give me more time to work with new buyers. Once the trustee throws it out, back to crunch time.
I will have to check if we can file an assignment of redemption. I would love to do this. The second is what keeps screwing us up. It was sold again recently and the new company wants a promissory note for the whole amount. Litton agreed on 6000. 2500 to be on th hud and 3500 as a promissory note. The new company will let us put the 2500 on HUd but they want 3500 up front before they will release the SS approval. Basically what ruined my deal with my last buyer who held property up for 3 months. If Homeq would allow 6000 on HUD we wouldnt have a problem. They will allow only 2500 to be on HUD.
If the values are as you say... this is not a good candidate for a preforeclosure short sale ...
So make her an offer, get her under contract, and immediately try to find someone willing to pay more than you.
Thanks. On my way to her house now to do just that.