jmeyn

I have a signed contract from the seller, but I still need to submit the offer to the lender for approval. I know that I have to submit a HUD1 with my contract/offer. How do I fill out the HUD1? My seller is also worried about a deficiency judgment being levied against him. What do I put in the contract, or addendum to make sure the bank doesn't file the judgment against him? Is there any special paperwork to ensure that this doesn't happen? Any help would be great. I would like to submit this to the lender by Fri. if I can get everything in order. Thanks in advance.

I have a deal with a potential of $20-$30K. I need some funding for this deal to proceed. It is a short sale. I would be in and out of it in under 4 months. I am willing to pay up to 18% simple interest, as well as split profits 65% me, 35% partner. Anybody interested please E-mail me for more info at jamesbuyshouses@charter.net or call James at 402-239-4855.

I am working on a deal that I initally thought would be a good L/O deal. It is now looking like it will have to be a Short sale. I don't have access to funding, and I currently don't have any possible partners as of yet. Can I assign the short sale contract, or do I have to do a double closing? Any help would be appreciated.

I just got off the phone with an EXTREMELY MOTIVATED SELLER. He was a lead from my agent. He is not listed, she told me that all she wants from the deal is to have me continue to work with her. Anyways, here's the deal: He has a 3 bed, 1 &1/2 bath home in an area with mostly owner occupants. ARV is approx. $75K-$80K. Repairs, approx. $3.5K-$7K. Amt left on loan, approx. $68k Payments are $850/mo. Rent rate approx. $600-$700 He was charging $500/mo. rent He is in the beginning stages of FORECLOSURE. He made the last payment in Jan. The lender is Ameriquest. He does qualify as part of the class action suit filed against them, but the Nebraska Atty Gen. is giving him the runaround. He said he would accept $50K, after he speaks with the bank. His wife has also passed away in the house, and so he had rented it out for $500/mo when he could have gotten at least $600-$700/mo. He has stated that he's willing to do ANYTHING to get out from under this monster. I suggested L/O, and he was ok with that, or Sub2. He was going to attempt a Short sale himself. I'm leaning towards the L/O myself, but the neg. cash flow would kill me and he probably can't refinance with his past due payments on his credit. He doesn't want to owe taxes or get a judgment against him from a short sale, and I can't get funding for this deal. Could I pull off a short sale and not have him penalized, possibly have them restructure his mortgage so that rent would cover the payments since the lender is in hot water with the law? Any help would be appreciated.