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We came across an error on a HUD after closing a workout transaction. We had a 0% tolerance cure due to listing a portion of a fee in the wrong place and we also overcharged on the attorney fees. All of the fees were financed into the loan amount. Normally we would do a revised HUD and cut a check to the borrower for the the amount of the cure or error. However with this being a workout loan would we be able to apply this cure as a principal reduction to the loan amount since there was not any money out of their pocket brought to closing….everything was financed? Everything I am finding says we must cut the check to the borrower but I just wanted to double check to see if this was an option.
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