Real estate blog entries tagged with approval by Kim Novak, REALTOR® (RE/MAX Masters)

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Home : Blogs : Kim Novak, REALTOR® : Kim Novak's Utah Real Estate Blog : Tag "approval"

approval: Second Mortgage Won't Accept The First's Approval - 05/06/11 09:48 AM

I am currently representing a Buyer client on the purchase of a Short Sale. The Seller's first mortgage is a Fannie Mae backed loan with Wells Fargo. The second is with US Bank. This is a traditional short sale, not HAFA.
Wells Fargo has issued their approval, with no Seller contribution at closing or promissory note. They have allocated 10% to the second mortgage, per their investor guidelines, and will permit no more - to the exclusion of additional funds/promissory notes from the Seller or the Buyer that those parties would be willing to bring to the closing table. US … (14 comments)

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Kim Novak, REALTOR®

Layton, UT

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RE/MAX Masters

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