All Discussions Tagged 'FHA' - Short Sale Superstars2024-03-28T09:58:19Zhttp://shortsalesuperstars.com/forum/topic/listForTag?tag=FHA&feed=yes&xn_auth=noFHA SHORT SALE TIPtag:shortsalesuperstars.com,2017-02-21:3468065:Topic:3849882017-02-21T19:24:20.087ZKiann Lewishttp://shortsalesuperstars.com/profile/KiannLewis
<p>If your seller has an FHA mortgage, they must go through the Retention process, PRIOR to listing the home. The Seller will go through the process and if they do not qualify for a Refinance or Modification, they will automatically go to the Short sale department. This is where the seller will be reviewed for a Short sale. If approved, FHA will give you an ATP " Approval to Participate. FHA will give you the Listing price and the net they want to achieve. The approval is good for 120 days. At…</p>
<p>If your seller has an FHA mortgage, they must go through the Retention process, PRIOR to listing the home. The Seller will go through the process and if they do not qualify for a Refinance or Modification, they will automatically go to the Short sale department. This is where the seller will be reviewed for a Short sale. If approved, FHA will give you an ATP " Approval to Participate. FHA will give you the Listing price and the net they want to achieve. The approval is good for 120 days. At that time, you can list the home as an "Approved Short Sale" because it is! You can counter prices to meet your net, and in 30 days you close. The seller gets incentive funds and a full release. No Road Blocks, no hurdles just an approved short sale. If you do not sell in the 120 day period, the last Phase of the retention process is a "deed in lieu" this is a WIN WIN For any seller with an FHA mortgage! Dont take the listing or any offer until the Retention process is complete! Your sellers will think you are a HERO!</p> Severe Negligence/Illegal Activity of U.S. Bank:tag:shortsalesuperstars.com,2015-09-21:3468065:Topic:3680692015-09-21T17:35:27.295ZLaura Hamletthttp://shortsalesuperstars.com/profile/LauraHamlett
<p style="margin: 0in 0in 0pt;"><font face="Calibri" size="3">We moved to Colorado from St. Louis, MO, over 1.5 years ago. The St. Louis real estate market had dropped precipitously during the recession and, rather than show any signs of rebound, has only continued to drop. (As evidence, our home was once valued at $285,000. When we moved, we would have been lucky to get $160,000 for it; as of June 2015, it was appraised at $109,000.) Unfortunately, it was no longer feasible or affordable to…</font></p>
<p style="margin: 0in 0in 0pt;"><font face="Calibri" size="3">We moved to Colorado from St. Louis, MO, over 1.5 years ago. The St. Louis real estate market had dropped precipitously during the recession and, rather than show any signs of rebound, has only continued to drop. (As evidence, our home was once valued at $285,000. When we moved, we would have been lucky to get $160,000 for it; as of June 2015, it was appraised at $109,000.) Unfortunately, it was no longer feasible or affordable to hold on to our home there so we entered the short sale process with U.S. Bank, which is headquartered in MN.</font></p>
<p style="margin: 0in 0in 0pt;"><font face="Calibri" size="3"> </font></p>
<p style="margin: 0in 0in 0pt;"><font face="Calibri" size="3">We began this process in April 2014. We had our first appraisal Sept. 2014 and were told to be ready to list the house within 2 weeks. Since then, U.S. Bank has ducked our calls, ignored our emails, and avoided giving us any information as to when this process would be complete. There was a glimmer of hope when they conducted a second appraisal in June 2015 and, again, we were told to be ready to list. That time has come and gone, and we are still in limbo.</font></p>
<p style="margin: 0in 0in 0pt;"><font face="Calibri" size="3"> </font></p>
<p style="margin: 0in 0in 0pt;"><font face="Calibri" size="3">This is an FHA loan, and to our knowledge, what U.S. Bank has been doing is not only extremely negligent, but highly illegal. We thereby request your help in, first, getting this process completed, and second, bringing against U.S. Bank whatever sanctions are possible.</font></p> FHA lender set price based on appraisal. Need advicetag:shortsalesuperstars.com,2015-08-20:3468065:Topic:3673502015-08-20T17:39:43.706ZJackie Gonzalezhttp://shortsalesuperstars.com/profile/JacquelineGonzalez
<p>I listed property at $42k and got an offer in 3 days for $40,100, which is based on comps both myself and buyer agent researched. I sent letter with comps with offer based through Equator for their review. Appraiser came back with $50k value and BoA said I had to raise price based on appraisal. Buyer walked. Called FHA but they said lender or investor set the price. They wont budge. Now I'm getting emails offering $15k to $30k. Who is there to discuss lowering price.</p>
<p>FHA told me that…</p>
<p>I listed property at $42k and got an offer in 3 days for $40,100, which is based on comps both myself and buyer agent researched. I sent letter with comps with offer based through Equator for their review. Appraiser came back with $50k value and BoA said I had to raise price based on appraisal. Buyer walked. Called FHA but they said lender or investor set the price. They wont budge. Now I'm getting emails offering $15k to $30k. Who is there to discuss lowering price.</p>
<p>FHA told me that seller needs to do deed in lieu if they cant get $50k. Seller tried to do that with BoA but they said house hasn't been marketed enough. Been on market since 6/9/15.</p>
<p>Any suggestions would be appreciated. The price needs to come down, and the repair work is extensive.</p> Chase FHA shortsaletag:shortsalesuperstars.com,2014-09-25:3468065:Topic:3561602014-09-25T16:45:33.147ZJoan Vacahttp://shortsalesuperstars.com/profile/JoanVaca
<p></p>
<p>I have a new client that I started working in July 2014 on a FHA shortsale with Chase.</p>
<p>This new client had another attorney working on it prior so I wasn't given the complete file.</p>
<p>Found out about in August that it was an FHA loan and that it had an ATP issued. I just got the variance approved with a new expiration date of 10/27/2014. which is good news, right?</p>
<p>Well, we also just got notice that</p>
<p>l. there is a servicing transfer from Chase to Caliber…</p>
<p></p>
<p>I have a new client that I started working in July 2014 on a FHA shortsale with Chase.</p>
<p>This new client had another attorney working on it prior so I wasn't given the complete file.</p>
<p>Found out about in August that it was an FHA loan and that it had an ATP issued. I just got the variance approved with a new expiration date of 10/27/2014. which is good news, right?</p>
<p>Well, we also just got notice that</p>
<p>l. there is a servicing transfer from Chase to Caliber loans effective 10/1/2014</p>
<p>2. when trying to find out with FHA what to do about the situation, they advised me that they no longer have the loan; that is was sold to Asset Sales (hud) and now a conventional loan.</p>
<p>I have never had this situation so is there any comments on this?</p>
<p></p>
<p>Thanks.</p>
<p>Joan</p> PFS rules on vacant condo?tag:shortsalesuperstars.com,2014-01-24:3468065:Topic:3425462014-01-24T15:46:52.704ZRo Reedhttp://shortsalesuperstars.com/profile/RosemaryGleasonReed
<p>I need clarification on PFS rule changes: condo, Dad purchased in 2005 with his daughter, she was transferred out-of-state and they couldn't sell so they obtained a land-contract buyer. He has been paying 6 years but just lost his job. They are not allowed to rent these condos now. Dad has never been late, would like to short sell, but was told he needed to be occupying. As I read the rules it seems we won't be able to get him into the PFS program: non-occupant, not delinquent, doesn't…</p>
<p>I need clarification on PFS rule changes: condo, Dad purchased in 2005 with his daughter, she was transferred out-of-state and they couldn't sell so they obtained a land-contract buyer. He has been paying 6 years but just lost his job. They are not allowed to rent these condos now. Dad has never been late, would like to short sell, but was told he needed to be occupying. As I read the rules it seems we won't be able to get him into the PFS program: non-occupant, not delinquent, doesn't have a current hardship other than the fact that he will be hard-pressed to continue making the mortgage payments within the near future. The way I am reading it the only way he qualifies with a vacant condo is if he goes streamline which means being 90 days behind. Does anyone think a variance likely? I appreciate your input.</p> Listing a SS with Bank of America FHA.tag:shortsalesuperstars.com,2014-01-10:3468065:Topic:3417302014-01-10T18:27:41.037ZEsperanza Agbayanihttp://shortsalesuperstars.com/profile/EsperanzaAgbayani
<p>Last Short sale I closed as a listing agent was 2 years ago. I am listing a home with a purchase money loan and a second that was added when borrowers did a loan mod. B of A created a new second of $13,000 FHA, which is the total arrears of the seller. Strange? </p>
<p>Doe that mean I have to deal with 2 lenders under Bof A but may be different investors? </p>
<p>Really want to help these referred cleints. </p>
<p></p>
<p>Last Short sale I closed as a listing agent was 2 years ago. I am listing a home with a purchase money loan and a second that was added when borrowers did a loan mod. B of A created a new second of $13,000 FHA, which is the total arrears of the seller. Strange? </p>
<p>Doe that mean I have to deal with 2 lenders under Bof A but may be different investors? </p>
<p>Really want to help these referred cleints. </p>
<p></p> Servicers Bypassing the Approval To Participate on FHA and Insisting House be listed???tag:shortsalesuperstars.com,2013-10-30:3468065:Topic:3363652013-10-30T16:27:33.609ZDeanna Dopslafhttp://shortsalesuperstars.com/profile/DeannaDopslaf
<p>Recently I have been working on several FHA short sales with different lenders (BofA, Wells Fargo, Chase and Citi). After a lengthy review of the short sale paperwork they are demanding that the house be listed but not providing an Approval to Participate Letter to their client. When we ask for the ATP they say they "don't have to give ATP's anymore" and that we need to list the house and get an offer to move forward.<span style="font-size: 13px;"> I have confirmed that my 6 properties are…</span></p>
<p>Recently I have been working on several FHA short sales with different lenders (BofA, Wells Fargo, Chase and Citi). After a lengthy review of the short sale paperwork they are demanding that the house be listed but not providing an Approval to Participate Letter to their client. When we ask for the ATP they say they "don't have to give ATP's anymore" and that we need to list the house and get an offer to move forward.<span style="font-size: 13px;"> I have confirmed that my 6 properties are in fact FHA loans so why are they not following the FHA guidelines? I even had a property on the market for 90 (then 120) days and asked the lender to move forward with the DIL process. We were told that because an ATP was never issued that the homeowner isn't eligible to discuss a DIL and to keep marketing the property?????</span></p>
<p></p>
<p><span style="font-size: 13px;">Anyone else running into this problem and does anyone have any suggestions on how to combat this?</span></p> Can you do an FHA Short Sale without a hardship?tag:shortsalesuperstars.com,2013-08-27:3468065:Topic:3295392013-08-27T00:12:56.578ZDean E Eshelman, CPA, CDPE, IREShttp://shortsalesuperstars.com/profile/DeanEEshelman
<p>FHA loan on 4 family. One unit owner occupied. No hardship. Owner has a very good paying job. The property started having structural issues in that the front porch is pulling the property apart (big crack in ceiling) Had evaluated by structural engineer. Estimated cost to repair $15,000. Owner does not have fund to repair and is concerned for safety of tenants. Can this property be a Short Sale? How do you get around the hardship issue?</p>
<p>FHA loan on 4 family. One unit owner occupied. No hardship. Owner has a very good paying job. The property started having structural issues in that the front porch is pulling the property apart (big crack in ceiling) Had evaluated by structural engineer. Estimated cost to repair $15,000. Owner does not have fund to repair and is concerned for safety of tenants. Can this property be a Short Sale? How do you get around the hardship issue?</p> FHA Short Sale - Second Lien Holder Being Offered $2,250 - Second Lien Holder Demanding $4,836tag:shortsalesuperstars.com,2013-07-02:3468065:Topic:3218892013-07-02T17:36:02.274ZTerry McCarleyhttp://shortsalesuperstars.com/profile/TerryMcCarley
<p>Need your ideas and assistance Superstars. I have an FHA short sale and the seller has a HELOC with SLS which has been written off but the lien has not been released.</p>
<p>SLS sent me acceptance of the short sale but is demanding $4,836 and the primary lender (BoA) will only give $2,250 as per FHA guidelines.</p>
<p>The seller is broke and has no way of bringing any money to the table nor does he have anyone to borrow the funds from. He is willing to sign a promissory note but SLS…</p>
<p>Need your ideas and assistance Superstars. I have an FHA short sale and the seller has a HELOC with SLS which has been written off but the lien has not been released.</p>
<p>SLS sent me acceptance of the short sale but is demanding $4,836 and the primary lender (BoA) will only give $2,250 as per FHA guidelines.</p>
<p>The seller is broke and has no way of bringing any money to the table nor does he have anyone to borrow the funds from. He is willing to sign a promissory note but SLS informed me that they do not accept promissory notes and the cash funds must come from someone (seller, buyer, real estate agents or a combination of same). It is a lower priced property so reducing commissions to contribute doesn't work either.</p>
<p>The purchase contract is for more than enough to meet the minimum net proceeds required by FHA and the buyer won't pay anymore.</p>
<p>Should we revise the purchase contract to a lower purchase price with the buying paying the additional funds to the secondary lien holder??? </p>
<p>Any idea and assistance will be greatly appreciated.</p>
<p> </p>
<p> </p> Electronic Signatures - NAR Discussion 3-21-13tag:shortsalesuperstars.com,2013-03-21:3468065:Topic:3043522013-03-21T03:46:18.203ZKevin - Greenville, SChttp://shortsalesuperstars.com/profile/KevinMWillson
<p>I just received this message from Docusign -</p>
<p> </p>
<p>Kevin, I am meeting tomorrow with NAR, Fannie, wells, chase, FHA, and others at an e-signature summit. Your stories over the past few years have fueled the activity at NAR and have served to give context to the problems we seem to be having with acceptance. Any updates or recent stories you want me to relate to the group during my lunch keynote tomorrow?<br/> </p>
<p> </p>
<p>Ken</p>
<p>I just received this message from Docusign -</p>
<p> </p>
<p>Kevin, I am meeting tomorrow with NAR, Fannie, wells, chase, FHA, and others at an e-signature summit. Your stories over the past few years have fueled the activity at NAR and have served to give context to the problems we seem to be having with acceptance. Any updates or recent stories you want me to relate to the group during my lunch keynote tomorrow?<br/> </p>
<p> </p>
<p>Ken</p>