Options can be limited when a homeowner needs to
get out from under a mortgage on a house that just won’t move.
One option is the short sale, an alternative to
mortgage default and foreclosure, agreed upon by both the home owner and the
mortgage lender. Any unpaid balance is a
deficiency, which the lender could elect to forgive or the lender might covert
into an unsecured, reduced rate loan.
When you represent a homeowner in a short sale,
you are going to have to prepare the HUD-1 closing forms. The process begins with a preliminary HUD
settlement statement, which is provided to the lender with the proposed
closing figures. The content is no
different than a third party sale, and will include transfer taxes, release
fees, attorneys fees, and any other expenses.
Unlike preparing for a house closing to a third
party where the sale price is already under contract, the short sale may
involve multiple drafts of the HUD-1 closing forms. The proposed short sale to the lender might
be rejected and go through several rounds of negotiations. Do you want to have to prepare HUD forms
over and over without the ease and accuracy of using Easy Soft’s HUD software?
With Easy Soft’s software for HUD forms,
you enter key data only once and the software completes all the
calculations. For example, in the short
sale, you can enter a proposed sale price for the property as well as a
proposed closing date. All computations,
down to the penny, can be pro rated over and again, and the only data you have
to change is the price and/or the date.
How’s that for easy HUD software?
As a companion to Easy Soft’s HUD software,
try Easy Soft’s Real
Estate Document software.
You’ll receive more than 200 forms to help you with all of your real
estate closings. When you purchase these
two software programs, you’ll be using software packed with even the automated
ability to compare the Good Faith Estimate with the HUD-1 and see alerts
if estimates exceed a 10% tolerance.
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