Posted on: 26th Aug, 2008 08:44 am
I went to close on a home i am selling yesterday. on my hud-1 form they have me paying a "yield spread premium" in the amount of .5 percent of the home selling price. Why would i be paying that as a home seller? please help, only have until 3 pm today to get this cleared up...
dave
dave
Hello- The YSP is not ever paid by you, the seller. It is not paid by the buyer either. The bank pays the mortgage broker that amount. I wouldn't worry about it.
Congrats,
Ken L.
Congrats,
Ken L.
Thanks, that is what i kinds of cathered by reviewing some articles on the net, just wanted to get some advice by someone who would know. i think we can get it straightened out, but in case we dont, is there someone who handles disputes that arise at closing or who deals with unfair disclosures like that?
Hi dave,
Welcome to the forums.
The closing attorney will be the best person to resolve disputes associated with the closing. You have spoken of unfair disclosures. Can you say what it's all about?
Take care
Welcome to the forums.
The closing attorney will be the best person to resolve disputes associated with the closing. You have spoken of unfair disclosures. Can you say what it's all about?
Take care
sara, i believe he's describing the ysp in question as having been unfairly disclosed if - a big if - he can't get it resolved otherwise.
Just call the title company handling your closing and ask them about it. It should be easily explained and cleared to your satisfaction.
The attorney will explain in detail or go line by line on your HUD-1.
YSP does NOT have to be disclosed to you since you are the seller..not the buyer.
You may have some items on your side if you were paying closing costs for the buyer.
YSP does NOT have to be disclosed to you since you are the seller..not the buyer.
You may have some items on your side if you were paying closing costs for the buyer.
