Posted on: 30th Mar, 2010 01:41 pm
My lender wants a Listing agreement/Offer and an Estimated HUD before they will let me submit a Deed in Leiu. I have neither - the house is in Vegas and all attempts at short sale have failed and this was a year ago when things were better. What should I do?
To sondraseven,
Before your lender approves your request for a deed in lieu, he wants to make sure how much money he is going to receive from the sale of the property. This is why the lender requires you to submit HUD 1 Settlement Statement for an estimate of he is supposed to get from the sale of the house. You are also required to submit a copy of the listing agreement to verify that the house is listed for sale at present.
Before your lender approves your request for a deed in lieu, he wants to make sure how much money he is going to receive from the sale of the property. This is why the lender requires you to submit HUD 1 Settlement Statement for an estimate of he is supposed to get from the sale of the house. You are also required to submit a copy of the listing agreement to verify that the house is listed for sale at present.