HUD-1 Quesions
Hi All! I'm attempting to fill out my first HUD-1 form and have a few questions I'm sure you could answer fairly easily.
1) Do lines 100 and 400 (Gross amount due from/to Borrower/Seller) have to be the same?
2) Do lines 303 and 603 have to be equal? I have them as 0.
Seller:
3) Line 504 - Payoff of first mortgage loan. My impression was that this is the short amount, not the current payoff amount. Is this correct?
4) Line 600 and 603 should both be 0?
Borrower:
5) Line 201 - Earnest money. Is this the earnest money given to seller ($10) or to the mortgagee I'm attempting to short?
Many thanks for your replies.
Justin
Lines 100 and 400 are not fillable but 101 and 401 should be the same and the same thing for 120 and 420
2: No, 603 should be zero but 303 is the amount of 301 minus 302. If you are getting a new loan for the entire contract price plus closing costs, then yes 303 will be zero but if you are paying taxes, insurance and other closing costs out of pocket (like normal) then 303 will represent your estimated closing costs.
3. yes, it is the short price
4. 600 is not fillable, 603 should be 0
5. I put the 10 dollars in there, not sure it matters though.[ Edited by mikemosby on Date 06/23/2004 ]
Are there any esier ways to produce a HUD-1besides a title company, like a simple program?
HUDCLIPS provides a fillable PDF form with instructions. Don't know of any free excel programs out there for HUD-1's though
what the shorted mortgagee will need at this point is an estimated hud-1 or net sheet. the main issue with them is what is the bottom line the mortgagee will net from the sale and or if they will need to pay any commissiions etc. i use www.easyhud.com, it fills it out for ya as to the pertinent info the lender wants to see. once into closing, an acurate hud-1 will be produced from your closing attny or rep.
regards-pat
There is a wonderful website called http://www.myhud1.com that lets you enter your hud1s and then get a pdf emailed to you. And is free to use![ Edited by mandy-wrh on Date 07/09/2004 ]
if short sale specific, then www.easyhud.com will do the trick.
regards-pat
There is no reason to pay for something that is given away for free at various sites including this one: TCI.
Here are a couple of free links.
http://www.lipsit.com/hsh/docs/Hud-1.pdf
http://www.hudclips.org/sub_nonhud/html/pdfforms/1.pdf
John (LV)
The previous websites for HUD1s are great John, however they do not calculate your data as you enter it. We've used these for a while and we used to use an excel spreadsheet to manually type in the data and since we have started using www.myhud1.com we no longer have to worry with entering the data into excel and then copying it to the pdf, since this website does it all for us!