All Forum Posts by: Dana King

Thank you all for the info.  Brett-  they were just recently caught up but due to financial difficulties and health issues the are already falling behind.  They are unable to care for the home and property.  They think they will need to move to assisted living for health reasons.  The house is in need of much repair.  Foundation, HVAC, siding and plumbing. So not sure if it is worth the 203000.00+.  

So would they need to contact the 1st mortgage and ask for what? A short sale packet or a pre forclosure  packet? Can they request the packet if they are only behind one month?  Does the house have to be on the market before they will allow a short sale?  How long? 

Thank you for all the help!  

Minna.  Thank you for the info.  What is the qualifications the sellers have to meet?  

We have a contract to buy a home for the payoff amount. The title search found a Subordinate loan with HUD for 52000.00 (aka: HUD partial claim). The house is not currently in foreclosure. The loan was recently caught up, but the sellers are in their 80's and are downsizing, have health issues and may require nursing care. It will soon be in foreclosure again. How do we do a short sale? 1st mortgage is with Ocwen Loan servicing, LLC and 2nd with NOVAD ( HUD's loan servicing contractor company). Will HUD consider a short sale? Any help would be appreciated. It is sad but it seems that these people had no idea what they were really agreeing to when they signed the modification.

We have a contract to buy a home for the payoff amount. The title search found a Subordinate loan with HUD for 52000.00 (aka: HUD partial claim). The house is not currently in foreclosure. The loan was recently caught up, but the sellers are in their 80's and are downsizing, have health issues and may require nursing care. It will soon be in foreclosure again. How do we do a short sale? 1st mortgage is with Ocwen Loan servicing, LLC and 2nd with NOVAD ( HUD's loan servicing contractor company). Will HUD consider a short sale? Any help would be appreciated. It is sad but it seems that these people had no idea what they were really agreeing to when they signed the modification.

@Jorge Vega

I am in a similar situation. We have a contract to buy a home for the payoff amount. The title search found a Subordinate loan with HUD for 52000.00 (aka: HUD partial claim). The house is not currently in foreclosure. The loan was recently caught up, but the sellers are in their 80's and are downsizing, have health issues and may require nursing care. It will soon be in foreclosure again. How do we do a short sale? 1st mortgage is with Ocwen Loan servicing, LLC and 2nd with NOVAD ( HUD's loan servicing contractor company). Any help would be appreciated. It is sad but it seems that these people had no idea what they were really agreeing to when they signed the modification.