"Payoff" on HUD 1 - Posted by cody

Posted by Joe on September 29, 2004 at 24:13:34:

If you are speaking of lines 504 (Payoff of first mortgage loan) and 505 (Payoff of second mortgage loan), these are the amounts that will be paid by the buyer, as a payoff of that loan.

If the 1st mortgage loan balance is $100,000, but the buyer is shorting the loan, and is going to pay only $75,000, then the $75,000 is what goes on this line.

“Payoff” on HUD 1 - Posted by cody

Posted by cody on September 28, 2004 at 19:14:05:

Please tell me what does “payoff” refer to on the HUD 1. Is it the short sale discount or is it the full amount the owner owes before the discount?

Need to get this in tonight. Plz help!