Special offer

GMAC will take my money, but will they release my lien?

By
Real Estate Agent with RE/MAX Trinity Northeast Ohio Real Estate Specialist 2003008108
GMAC FHA Approval letter Take a look at the language in this letter...do you see a problem? It is for an FHA loan.

We have to change title companies, since one underwriter refuses to issue title insurance based on the lack of solid release language.

Does anyone have a letter from GMAC for an FHA short sale that they can share so I can provide it to the negotiator?

Let me know, please. This looks to me (and the underwriter) like GMAC will take the buyer's money, but leaves themselves open by not offering a full release - even though they are accepting the HUD1 form, and even though this is an FHA loan that has to be released.

Posted by

Dawn Maloney, REALTOR®,  Luxury Home Marketing  RE/MAX Haven Realty

Direct:  (330) 990-4236         Email: dawn@dawnsold.com

Helping home buyers and sellers in Summit, Portage, Stark, Medina, Wayne, Lake, Geauga and Cuyahoga Counties since 2003.

All content ©2006-2014 by Dawn Maloney, REALTOR® unless otherwise noted.

 

 

Comments (2)

Lori Bowers
La Quinta, CA
The Lori Bowers Group

Has your broker reviewed this? Can the escrow or title company cover the needed language in their paperwork?

Nov 05, 2010 04:52 AM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

You can put on the HUD 1 that it is a "Payoff" "Final Payoff" and resubmit that.  I usually have that on the HUD before it goes back to the bank for a final review.

Nov 06, 2010 05:14 AM