I have a new client that I started working in July 2014 on a FHA shortsale with Chase.
This new client had another attorney working on it prior so I wasn't given the complete file.
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?
Well, we also just got notice that
l. there is a servicing transfer from Chase to Caliber loans effective 10/1/2014
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.
I have never had this situation so is there any comments on this?
thanks for the response. I too am glad that it will no longer be FHA. They lag on approval time!
there might be lag, but if it meets the requirement(s) of the FHA PFS you know that an approval WILL more than likely be coming. i'll work a FHA PFS any day over any other type of Short Sale. I've never lost even one to Foreclosure.
I have experienced quite the opposite. My Homeowner(s) would have been MUCH better off had the loan still been FHA insured. This may vary on who the ultimate Purchaser is a the Note sale is and what their ultimate goal is for the Loan/Property.
There have been many articles published recently about this regarding the Purchaser's of these Loans. It seems like the goal of many Buyer's are to Foreclose and rent.
"Their agenda is to make money, and so they are pushing struggling homeowners to foreclosure, flipping properties and, in some markets, raising rents that price out area residents."
Thanks Kevin for all your input.
It appears that the buyer of our deal is nowhere to be found at the moment and Chase will be declining the short sale because of a missing addendum that I can't produce. Just in time before they transfer it!