FHA loan agent tells owner Regulation does not allow short-sales.

I have initiated a short-sale with an FHA backed Pacific-Union loan on a home with a May 9th sheriff sale set. They said they can't recall sale till have Title work and appraisal back in which may take it past the 9th, and seems to be a push into the sheriff sale. I got the FHA contact number to escalate to them from a post on this site and had an agent advise I have the owner call direct while my 3rd party was being processed and forward the buyer package to an agents email while on phone to speed process up. He got very berated by the agent he got who told him, "It's stupid thought that we would think we could stop the sheriff sale this late. Regulation says if there is a sheriff sale set, FHA don't even get involved... Your Realtor should know this and is just trying to make a commission. It's better to go through sheriff sale, then you can get a new FHA loan in 3 years. And your credit will improve right away when FHA insurance pays off loan. I have never encountered such advice... and completely different in direction and attitude from agent I talked to who was helpful about the request to escalate. Could someone please advise on this FHA short sale issue?

Thank you!

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Generally if a property is in foreclosure, an offer is needed within the banks value to get the review open. If you can get the appraised completed and ATP issued, the sale date would be placed on HOLD. Open up a case /w NOVAD for HUD if the servicer won't accept an offer within their guidelines and then order the appraisal.

I've gotten sale dates postponed many times with less time then the situation you are encountering. It's never guaranteed though.

Best of luck.

Brett@ishortsalenow.com

310-564-6389

www.ishortsalenow.com

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