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Home Forum Short Sale Help and Tips What does voluntary funds mean?

What does voluntary funds mean?
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1:19 pm
February 16, 2010


jkatz

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It has come to our attention that many times the bank will ask a homeowner to come up with "Voluntary Funds" to get a short sale approval. The reasons that they may ask for are as plentiful as all our lives are different. Voluntary Funds are funds that are requested by the bank to be voluntary brought to closing and used to pay of the debts owed to a specific mortgage. Usually this contribution at the close of a short sale is paid to the first mortgage but in many cases the second mortgage (Jr. Lien) may also ask for a contribution. Many times the lender if they see that no money is available to contribute they may ask for a promissory note but that is another question for another day.

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Jonathan Katz started in the Loss Mitigation industry in early 2000's. He worked for the one of the largest loan servicers in the US in their loss mitigation/foreclosure department. Speaking with approximately a work flow of 600 cases a month and several years of experience he created an organization dedicated to helping homeowners. Our Goal here is to increase the accuracy of the information found on the internet amidst a sea of nonsensical logic about a business that is anything but outside of the box.