FHA short sale....help!
My FHA journey started back in dec of last year. For 2 years I have been struggling to make my mortgage payments and it got to the point that I just couldn't do it anymore.
I called Bank of America and got the welcome package finally after asking for 2 months. I filled out the paperwork and sent it back.....it took numerous phone calls and back and fourths to finally get the preapproval paperwork done. I got the okay to sell in April. I sold my condo in like 12 hours, the bank wanted 115k I sold it for 120k.
My realtor and I have been calling...no return calls...to me ever. My realtor has pushed the escalation button 7 times. The first negotiator apparently didn't know what she was doing and it sat untouched on her desk for a month. The second was apparently the manager of the first, she said no problem we will handle it. We gave her a week or so to look at the file...called again she was sick and didn't tell anyone to look over my file. We got bumped again up the ladder.
I am afraid my buyer is going to walk. I can't get anyone to tell me why it's taking 3 plus months because no one will call me back. I trust my realtor he is a friend......but I am frustrated and can't find anyone to aim it at because no one calls back...ever.
I was paying my mortgage until May. Since then I just don't have the money to do it anymore. I was living at my husr..but before I started the FHA short sale tried moving in with my bf and renting my unit out.l..that ended up being a night,are and I had to evict them in November...after 4 months. So my house is vacant because I am stuck in a lease with my bf.
I just want to know what the problem is so I can fix it. Or to get a answer one way or the other so I can then go forward with a new solution. After this experience I am never buying a house again. It's renting from here on out for me.
Any help and advice would be appreciated. My bf thinks we should consult a lawyer....or storm the nearest Bank of America and see if they can explain what is going on .....good or bad idea?
I was reading somewhere on this site I think that a short sale should only take a few days to get the final approval......so now I'm getting really concerned its taking so long.
Thanks for the help
Ingrid
Replies to This Discussion
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Permalink Reply by Ingrid Boswell on
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Whoops saw a typo...I was living in my house until July of last year...when I then tried to rent it....
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Permalink Reply by Celeste ODea on
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Did you get the ATP (Approval to Participate) April 2013? The ATP is only good for 120 days, however, if there is an offer on the property, the bank can extend it 60 additional days. The property must be owner occupied in order to do an FHA Short Sale, and you must be in arrears (31 days+) with your payment. You can always call HUD and refer to the case number on your ATP to find out what the status is and you can also let them know you have had no response from the servicer. Click here for the FHA Guidelines. FHA Short Sale Guidelines.
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Thank you Celeste. I will call HUD tomorrow. Yes I got the ATP in April and I was not aware I had to be currently living in my place. That could be problematic.....thank you again for your help.
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Let me know if you have any other questions. Look at you ATP, because in the bottom right it tells you when you have to have your home sold, otherwise it's a DIL (Deed in Lieu).
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Permalink Reply by Kevin - Greenville, SC on
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Ingrid,
I have closed many a FHA PFS when the property was not owner occupied and have also closed many well after the ATP has expired. It's not easy (few things are), but it can be done.
Cell: (864) 485-9283 (call or text)
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