Posted by CaNotary777 on 4/26/13 4:59pm
Msg #467319
Question on HUD 1
Settlement charges to borrower== 5000
Pay off previous mortgage loan-----------195000
credit to borrower for specific interest chosen= (-) 2500
total amound due from borrower 200,000
shouldnt it be 197500 and NOT 200,000? ( unless he was sent a check for 2500 earlier on?)
The line 303 says nothing to be given or to be collected from borrower
would appreciate inputs-- thanks 
|
Reply by Linda_H/FL on 4/26/13 5:08pm
Msg #467320
Re: Question on HUD 1...no
You have closing costs and payoff due from borrower - $195,000 plus $5,000 = $200,000
Lines 100 - 120 Amounts due from borrower
Lines 201-220 Credits paid by or on behalf of borrower
Amounts due are in the 100 section - $200,000.
The credit you mention should be somewhere in the 200 section - the $2,500.00
All totaled at the bottom and reconciled on 303 at -0-
|
