My disclaimer: I'm not an attorney or a CPA. I just do a lot of short sales and therefore have formed an opinion. And you know what they say about opinions!
Just a quick tip. As negotiations progress with any lien holder, make sure you keep moving the closing date out on the HUD. Even though we usually set our closing date 3-4 months out from mutual acceptance, sometimes negotiations can take longer than that. Approval letters are usually based on an approved HUD (estimate closing statement). If you forget to update the HUD with the new date, you can get an approval letter based on a too short closing date and with figures based on incorrectly prorated tax information etc. This would render your approval letter null and void.
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