Showing 2nd payoff on hud1

Foreclosures, Short Sales, Tax Foreclosures
1

I know this has been covered before but I cant find it.

I got the 2nd position to accept 2k for their position. Do I show this on the hud1 I am preparing for the 1st position on line 505? Or do I leave that info off.

2

Include it as the 1st lien holder will want to know the total payoff.

Nate-WI

3

So will the 2nd.

Most 2nds now want to see the 1st taking a short and see it reflecting on th e HUD1 before they say yes.

Also yoiu said the 2nd is getting 2k… question did the first allow 2k or did yo make the offer before the first agreed?

4

I made the offer and they agreed. The first had not gotten back to me as to what they wanted the 2nd to accept. I hope I hav’nt shot myself in the foot.

5

I don’t think you have Bovine. I just went thru a SS where the deal fell thru. US Bank had a 26K second and they were gonna take 2.5K. The first wouldn’t budge so I walked.

Nate-WI

6

Nate-WI

What I am saying is that if the 1st says the 2nd can not receive more than 1k and here I go and offer them 2k.
Is it a deal breaker for the 1st if I paid the 2nd 2k? Anyone have this happen.

7

I have yet to come across the first “caring” about what the second is getting. They want their money. They are gonna wipe out the second anyways so my point would be that the first only cares about what they are getting paid. They want it on the HUD-1 to put the whole deal in perspective. I haven’t come across the first telling me what the second can take.

Nate-WI

8

If the first come back and say the 2nd is on;y to get $1,000 then you need to go to th esecond and pay the other $1,000 outwith the closing.

Most banks have stipulations that if they are taking a short sale the 2nd can only get $500 - $1,000 or they will not approve.

simply speak to the 2nd mitigator and get it in writing that you will pay the other $1,000 out with th e closing.

You can tell them you will ge the title agent to send it, most will ok that.

9

green queen-

I like that technique.

Here’s a slightly different scenario. The second wants to sell me the note for 2k. How would I handle this if I am now the 2nd?

10

If the first is ready to approve buy the second.

and right your own approval for the shortsale.

you’ll lose a grand at the front but just add it on when you sell.