When filling out the HUD-1 for a short on a second, does anyone enter any amount other than the offer price for the second? ie closing costs etc? Thanks in Advance, Mikeyd
The more complete your Proposal, including the settlement statement (HUD1) the more likely it will get to closing. Oftentimes, incomplete applications result in wasted time, or rejection. The junior mortgagee will want to know the sales price, costs of the transactions, how the proceeds will be distributed... and, their net recovery. Of course, requirements can vary from lender to lender... some may require more detail than others.
The more complete your Proposal, including the settlement statement (HUD1) the more likely it will
get to closing.
Oftentimes, incomplete applications result in wasted time, or rejection.
The junior mortgagee will want to know the sales price, costs of the transactions, how the proceeds will be distributed... and, their net recovery.
Of course, requirements can vary from lender to lender... some may require more detail than others.