Comment

Comment by AMY GERRISH on February 9, 2011 at 2:12pm

This is at the very bottom of this link:http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/93-...

 

(6)  Filing Form 1099-G with the Internal Revenue Service.
 
          Mortgagees are expected to file Form 1099-G with the
          I.R.S., reporting the fact and proceeds of each
          pre-foreclosure sale.

Mortgagees = the investor/servicer that holds the note
 

Comment by Bryant Tutas on February 9, 2011 at 1:57pm

Cici. I'm not exactly sure where that is stated but the guidelines for the PFS are in our FHA group here. http://shortsalesuperstars.com/group/fhashortsales

Comment by Cici Glaser on February 9, 2011 at 12:34pm

I read  on this site a comment that said per the HUD guidelines, there will be no deficiency on an FHA short sale. Can anyone tell me where to find this information? I closed an FHA short sale with B of A several months ago and the sellers have not received a 1099 from them. Should they have gotten this?

Comment by AMY GERRISH on February 7, 2011 at 3:57pm

Of course, that's not legally binding advice, just my opinion. :)

Comment by AMY GERRISH on February 7, 2011 at 3:55pm

Sounds like they don't want a double close (a-b-c deal). Selling later after a fix up to flip is different.

Comment by Maya Thomas on February 7, 2011 at 10:34am

That is different from what you want to do (I think)! 

 

You can just pass the contract through your hands, but you can buy it as an investor, list it and then sell it to someone later.  It sounds like you don't have a problem.

Comment by Daniel Harless on February 7, 2011 at 10:20am

Thanks for the feed back. The previous approval letter stated:

 

 

 

 

 

 

 

 

This is in house. SunTrust is the investor.

Comment by Maya Thomas on February 7, 2011 at 9:59am

Hi Daniel,

Is it by any chance a Fannie?  If it is, they have suspended their rule on investors and are allowing flips temporarily.

Comment by AMY GERRISH on February 7, 2011 at 9:47am

Hi Daniel,

Is it in their approval letter? For how long on the no flip? 90 days? They may not tell you how long up front. You might have to tell them "ok" on the no flipping and see what their letter will actually say.

Comment by Daniel Harless on February 7, 2011 at 7:11am

I have a question for all. We have been negotiating a short sale with Sun trust for over 10 months. We had previous approval at 1.125M, house originaly sold for 2.2M, Market fell so hard we went back to renegotiate and new BPO & appraisal both coming in at $760k. 2 months go by waiting for another final approval. We are assured it is forthcoming. Week after week, we are told the approval is going through and we should have it by the end of the week...call back. In the 11th hour, the bank finally responds with a denial because they would not allow anyone to"flip" it. They have been completely aware through both rounds of negotiations that this is a short sale and we are investors. If you would not mind, I would appreciate your opinion on the situation or any advice you might have to offer. Your insight is greatly appreciated.

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