Waiver Of 2nd Extension Fee With HUD.
I'm closing on a HUD Foreclosed property in the next few weeks. Due to a number of reasons, we can not close within the firts extension period. The title co. says we can file for another extension and that we may apply to HUD (or First Preston) to have the second extension fee waived.
Does anyone know how best to word the application for the fee waiver? The website says that the fee may be waived in the case of issues resolving the title or with 203(k) loan processing. Is there any other basis for an application to waive the extension fee?
Thanks,
JS.
First Preston had the HUD contract for a while in Pa. a few years ago. I think they are going to make your buyer pay an extension fee. If they are an investor I know they will have to pay. This has been my experience; hopefully I am wrong.