Preparing a HUD for 2nd Mortgage holder

Foreclosures, Short Sales, Tax Foreclosures
1

Second mortgage holder wants a Pre HUD…Do I prepare the Hud with the first mortgage info included?..No approval, no word from the first, I sent in the first mortgages package n now I am doing the second…

I just wanna know, if there is some type of process or protocol, and if so what are the best practices.

Owe 495,000 on the first- My offer 135,000
Owe 97,000 on the second- No offer made yet. (Bank said the least they can take is 9,700, (10%).

2

Yes you should use same 1 HUD for both lenders. Ask the 1st lender what is the maximum they will allow junior lienholders.

3

Usually $1k but HAFA can be more ($3,000) … but that comes with all the trials and tribulations a HAFA deal uses. (not working as well as the gov’t though!)