US Bank & Promissory Notes
US Bank ( it was submitted to MI company) is asking for a promissory note on their 1st loan for the balance of the deficiency
Has anyone had similar experiences with US Bank and were you successful in getting them to drop this request or lower the amount of note, and if so by how much?
is your mortgage non-recourse?
I believe so, purchase money loan.
If not what would the difference mean?
Thanks
Hmmmm....looks like US Bank is up to their old tricks. In 2008 I had a handful of deals with them. They refused to honor any short sale unless the homeowner agreed to a prom note.
I only know of ONE deal where they approved the deal without a prom note...but their approval letter stated that they could collect a deficiency...in AZ...a non deficiency state.
I just started working a new deal with them hoping they had changed their ways....looks like I may be wasting my time.
Thanks for the advise. I was able to get an attorney to do the Preliminary HUD-1. The contract is for $52,000 with Line 504 neting the lender $46,200. OCWEN acceptable the short sale offer and we close on 10-14-10. The attorney who did the HUD-1 put his fee at $1,500. I am thinking of using a title company instead. Any suggestions.
Very steep fee. Its a good idea to have a title agency perform a preliminary search to assure you the anticipated proceeds will be sufficient. The title agent can produce an accurate PHUD1...
Thanks. Since I am handling both the buyer and seller in this transaction we were required to sign a document which in essence stated that this is an arms length transaction. Is there any thing further I should do to ensure the lender and the real estate commission that the transaction was handled and closed properly. Any advice.