I finally got this offer accepted and within the price point that boa would accept..however..

 

FHA Sales Contract rejected the offer for the following:

No contract uploaded (it was there ..i looked several times and saw the pdf attached). on hud we pay only unpaid hoa dues not other hoa fees or late fees.

 

Seller has  massive fees from HOA.

Hoa legal fees $300.

HOA CCR fees $1,900.

Late fees and interest $250.

HOA Admin Fees $130.

HOA Lien Fee $5.

HOA VRS Fees $100.

 

When I first submitted the contract this time, I received a response stating that I would have negotiate all debts/liens for the offer to be considered.

Seller has a small 2nd pay off to Ocwen..Less than $4K. I am afraid that will the 2nd rejection.

 

I have 1 day to work with this debt on the HOA.

 

Has anyone been able to get BOA to waive these fees and approve the short sale?

 

Any helpful suggestions would be appreciated.

 

Thank you.

 

Johnna

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Replies to This Discussion

Nope. You are stuck. Although BofA and Wells Fargo have no trouble overstepping their authority in rejecting things, there are a lot of firm rules for FHA. Your only recourse on those is to ask for a variance from HUD - that takes at least a week. In this case, HOA is a problem frequently and they are pretty firm on what they will pay. You can contact HUD to validate the "truths" from BofA. You aren't going to get anything done in a day. Banks have no interest in helping short sales, it costs them revenue, so they "err" in delays and saying NO a whole lot.

Thank you Joe. Do i ask for a variance from my negotiator?

This particular negotiator has never responded to any of my correspondence. I have asked for a conference call appointment. I had requests since April that he never responded to.  I will send him an email and request a variance but i guess my next step would be to go to the escalation department. ?

Have you had success with HOA waiving any fees? Seller is in for a minimum of $2,685. in fees.

Thank you.

Johnna

Yes. However, don't expect it to fly. HOA fees are often a problem and HUD is not going to pay extra.

Some hopeful news..BOA Social media monitors this site.

I received a call of assistance from boa social media department. I may not get everything i need based on fha/hud guidelines but i may be able to get the variance and possible assistance from the escalation department all because i posted here..

i was getting nowhere with interaction from my newest negotiator with boa but social media said "i'm listening and taking some action to your concerns."

will let you know how it goes..

thanks!

When I am in your shoes, I have the buyer contact the HOA and ask for discount in exchange for a small payment from the buyer. The HOA is generally receptive because getting a buyer into the property who will continue to pay dues and move the account from delinquent to current in exchange for a waiver is better than a poke in the eye with a stick. Your junior loan should be paid 6% of the unpaid balance, in some cases $3,000. Did you allow for an FHA incentive to the seller? Those incentives can be used for some of this stuff, too.

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