I had one like that and we got the money from outside sources and it was written on the HUD as outside sources contribution. If the buyers want to chip in some too, then less has to come from outside sources. The seller has to find out who will be generous enough to help them with the outside source money. Any other agreements are between the seller and outside source and not a party to the contract. That is the only way.
Good luck! I did get mine closed.
Its possible to pay the 2nd the additional 6K prior to closing w a written agreement. All closing funds have to be accounted for on the HUD. Yes, that surprised me also. Does the seller have the $$?
If not, their choice is $6K or foreclose for $0.
Hi Melissa, this is really weird because I did not start this discussion. I posted a similar question months ago but I have never dealt with Greenpoint on a transaction. Hum....
Anyway, good point about SB458, if you could actually get a negotiator to make sense of it. While it is great that sellers no longer have a potential deficiency to worry about, I wonder what stance some of these junior lienholders may take in accepting any payments in a short sale situation. They just may be ignorant enough to think they should roll the dice and not approve a short sale, in the belief they could gain more suing the sellers after a foreclosure takes place. (If they can potentially do that) Doesn't seem practical to me.