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Posted: 13:24 on 03-23-2003
I am a realtor for the Seller and we have a condo under contract for 125K scheduled to close 3/26/03. A foreclosure sale is scheduled for May 7, 2003.
There is a 1st lien (FHA loan) for 118K, a 2nd lien for 8K and a 3rd (HOA) for 1K. The 1st has verbally told me they would take $110K as a short pay but they are also telling me that HUD only allows $1ooo to go to any and all junior liens. This is totally unacceplatable to the 2nd and it appears that the deal will fail. Is this true? Is there anything I can do? Please Help. Thanks.
Billie 
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