I've had an FHA short sale open with an offer since February. We were issued the approval to participate 05/18/2012. The offer matched up with the numbers on the ATP and meets the minimum required net.
We're still unable to get an approval letter, much less a response from our negotiator. Despite repeated calls and emails, we're still at a stand-still. Neither the negotiator or his supervisor, who recently put on a great webinar about FHA short sale, seem to be accountable for getting the file going again.
The seller is now going to receive a reduced incentive due to the delays and may have to pay the 2nd lien holder (who issued approval months ago the difference. Besides filing a complaint with HUD's national servicing center are there any other suggestions?
I've already contacted the Short Sale line and they don't have any remedy beyond voice mail to the supervisor. Does FHA know this is the reason the average to process a pre-foreclosure sale is 306 days?
Escalate the file, either through the web escalation tool if you have it or through Twitter @BofA_Help, I had to do that with my last one and it was assigned to a new negotiator and it was smooth sailing after that.
Good luck, but hurry. Your appraisal will expire in 120 days and will require either a new appraisal or variance to extend. Of course that just adds another 7 - 10 business days. I do believe that FHA short sales with B of A areamong the most difficult to navigate.
Have your seller give you a 3rd party authorization to HUD and include the FHA case number and email it to [email protected] then call them after they have it on file. They will email the negotiator and the negotiators supervisor and then you will probally receive a reply pretty quick.