Hi all,

I've been processing conventional short sales after the borrower files bankruptcy on behalf of the BK trustee. I'm trying to determine whether or not it would be worth the time and effort to try and negotiate it or if it's almost guaranteed they will not approve it?

I guess my follow up question to that is, if they will work an FHA short sale after BK will the borrower still be reviewed for the pfs program or would they technically be disqualified due to the BK. I tried calling HUD and the FHA national servicing center, but they both told me that it's at the discretion of the lender.

The current one i'm working is with BoA and I can't find anyone to give me a definitive answer. Any insight would be helpful, thanks!

Katie

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Mine just got approved - FHA PFS program post-bankruptcy.

Were the homeowner's selling the property directly after a bankruptcy or were the courts selling it due to the bankrutpcty?

Their BK was discharged before I even came into the picture.  They were just going to let it go since they were protected by BK but wife decided she wanted to try and short sale (a pride thing).  The initial problem with BAC was they had us classified in the BK dept (when they'd told us we were in SS dept) for about 2 months, and because it was FHA they kept having problems opening "the short sale template".  Nightmare over now.. 

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