Should Hud-1 For The 2nd Be Different From Hud-1 To 1st?

[verbatim 1]

hud-1 for 2nd when 1st hasnt discounted yet

 

1st payoff 72k

2nd payoff 15k

 

What should I show on the pre-liminary HUD-1 to the 2nd as part of my short sale package?

 

contract price is 52k & i will offer the 2nd 1k but im not sure how my hud to the 2nd should look?

 

any help offered would be greatly appreciated,

 

Thanks

[Jonathan RexfordFL 8]

Don't list the 2nd on the initial HUD. When you send in your HUD for the 2nd (if they want one) just use a number you want them to take. Don't put them on the 2nd either. I would work the 1st until you have a firm offer. They will dictate what the 2nd will take. Usually 10% of the value or $1,000 the last time I did a large discount on the 2nd. A friend of mine that wanted to keep his home took a HELOC on his home from 140K down to $16,500 as full settlement. The 1st was going to foreclose.

[verbatim 1]

Don't list the 2nd on the initial HUD. When you send in your HUD for the 2nd (if they want one) just use a number you want them to take. Don't put them on the 2nd either. I would work the 1st until you have a firm offer. They will dictate what the 2nd will take. Usually 10% of the value or $1,000 the last time I did a large discount on the 2nd. A friend of mine that wanted to keep his home took a HELOC on his home from 140K down to $16,500 as full settlement. The 1st was going to foreclose.

 

Thank you kind sir, great answer.

 

So do i just put $1000 on line 101 by contract sales price, and leave every thing else blank. Or just fill in unpaid tax info and miscellaneous closing fees and have the contract price be the sum of the fees plus whatever will make the net amount 100?

[Jonathan RexfordFL 8]

verbatim,

 

I suspect that you have not did the work out yet on the 1st. What I would do is go ahead and place your Initial hud on the 1st mortgage only. Don't place the 2nd on the initial. I have attached a deal that I am currently doing. This is the HUD that was sent in for there approval. I deleted the address and contact info. So you can use that as a model.

 

But when I was dealing with Chase I did not mention HSBC in the begining. It came up as they already new about it. There policy was to only offer 1K. Now I am working on the 2nd.

 

The 2nd is trying to figure out what the 1st is going to accept. It is a cat and mouse game.

working_hud22.pdf