Bill, Question on reverse assignment - Posted by Erik

Real Estate Investing Real Estate Law
1

Posted by Erik on August 09, 2011 at 09:51:40:

Hi Bill,

I reviewed your information on a reverse assignment. What exactly should be written on the sellers side of the hud-1. Have you ever had any lender issues with doing this.

Also, would it be possible to get an option or purchase and sale contract, record an affidavit/memorandum on public record, and then sign a release of that at closing? What would be some good wording for this on the hud-1?

Thanks

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Re: Bill, Question on reverse assignment - Posted by William Bronchick

Posted by William Bronchick on August 15, 2011 at 10:09:45:

It’s a loan payoff on line 505. No issues

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Re: Bill, Question on reverse assignment - Posted by Erik

Posted by Erik on August 15, 2011 at 21:04:16:

What if it isn’t a loan payoff? But instead a release of option agreement or purchase and sale agreement that you have recorded a affidavit & memorandum?

See http://www.reiclub.com/articles/conventional-lender-wholesale

How would you suggest it be written on the hud-1 then?

Thanks

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Re: Bill, Question on reverse assignment - Posted by William Bronchick

Posted by William Bronchick on August 15, 2011 at 21:06:40:

Whatever, but generally it falls on line 505 or 506