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From an older Mortgagee Letter - Borrowers who successfully sell their properties using this option are relieved of their mortgage obligation, and are entitled to receive consideration in the amount of $750. If the closing occurs within three months of the Approval to Participate, the borrower will be entitled to $1,000. Unless the borrower’s consideration is required to release junior liens, the borrower may elect to accept cash paid at closing, or may apply some or all of the amount to offset sales costs not paid by FHA, including home warranty plans, optional repairs, and seller’s closing expenses.Borrowers who become good-faith participants in the PFS program shall not be pursued for deficiency judgments by either the lender or the Department in the event that the PFS is unsuccessful and foreclosure occurs.
I just looked into this post and am having the same issue. I have received a SS approval letter, approval to participate, and closing worksheet. None of the forms mention the discharge of the lien. Buyers title company will not accept the provided SS letter without language stating the discharge.
I need guidance as to who I can contact, and what documentation on a PFS i can offer to get this to close.
Anyone that can help can contact me directly at 603-512-5971
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