Shortsale Hud-1

Foreclosures, Short Sales, Tax Foreclosures
1

Hi I am working on a few short-sales and all ask for HUD-1 statements. I have no experience with HUD-1s, how detailed do they have to be?

Where can I get a blank HUD-1 to use?

Thanks in advanced

2

This site provides an editable PDF:

http://www.hudclips.org/sub_nonhud/html/pdfforms/1.pdf

This has been down for a couple of days. But normally it has a HUD 1 form with in instructions for each line item. It allows you to fill out a form and print off your HUD1.

http://www.yourHUD1.com

This is a paid site that offers a HUD 1 generator. You have to pay to use it though. If I remember correctly it was something like $25 per month. It doesn’t complete the HUD 1 as thoroughly as the yourHUD1.com and it doesn’t allow you to enter the required information as hudclips does.

http://www.easyhud.com

Good Luck!

3

Thanks for the quick response. One last question…

How detailed does the HUD-1 need to be? What if I don’t know who my attorney will be yet, and the cost of the attorney, and other closing costs. Should I just estimate or leave them blank. Are there certain fields that are 100% necessary for the preliminary HUD-1 and if so which ones?

Thanks a lot

4

http://www.yourHUD1.com figured most of that info for you. Their form had all the required fields marked with a *. It also figured all the closing costs for you or you can enter your own numbers. I see their site is down right now, I hope it comes back up soon.

The easyHUD one only allowed you to enter a few fields, sorry I don’t remember what all they were.

For the preliminary HUD you can sometimes get away with no closing costs, just tell them they will be standard. The last few short sales I have completed required ALL number, closing costs, commissions, ect.

What lender are you submitting too?

5

I have a lot of different potentials. EMC, Countrywide, PNC, Litten, and the list goes on. I guess their main concern would be to see the mortgage payoff at the purchase price and that no money is going to the seller? The rest shouldn’t matter too much, is that correct?

Thanks in advance