Comment

Comment by Kylee Roe on January 6, 2012 at 6:10am

Kevin- "PFS"?

Comment by Jeff Payne on January 6, 2012 at 4:30am

John Edelman, I agree with you 100%.  Every FHA short sale that I have done we waited for the offer before initiating with FHA. The last one that I closed was in equator also.

The only thing FHA required any of my sellers to do was get credit counciling and that was at a local office and took 5 minutes.

Comment by Dean E Eshelman, CPA, CDPE, IRES on January 6, 2012 at 3:35am

Thomas Colby The third party company has agents gather financial info based on delinquent homeowner sent to them by BA. Apparently the homeowner wanted to SS so the agent listed the property as a possible SS. I have done work for that company for 3 years, but no more. I agree with you.

Comment by Thom Colby CA Brkr 888-391-5245 on January 6, 2012 at 3:04am

Dean, "Remove an Agent" from what - your brokerage, the listing?  How can any lender or investor tell an owner they cannot sell their property at anytime they want? They can decline a short sale but this a free country and anyone can list their property for sale at any time - What am I missing ? 

Comment by John Edelman on January 6, 2012 at 2:53am

Dean - As per Kevin's comment - there is no problem having a listing and in fact a contract (if that is the case) before initiating an FHA short sale.  Sounds like you are getting a bum steer from the rep at B of A that you are working with.

The HUD program does "require" that the homeowner be evaluated for retention options - but this can be just as simple as the homeowner contacting B of A and telling them they do not wish to keep the home and need to sell it.

Comment by Kevin - Greenville, SC on January 5, 2012 at 6:04pm

Janie,

Best of luck. Remember the price on the ATP is 88% of the As-is Appraisal. Every 30 days that amount goes down 2% from the Appraisal and caps at 84% until the end of the PFS Period.

Comment by Janie Howard on January 5, 2012 at 6:00pm

I hope to be closing on an BofA FHA short sale tomorrow.  The final HUD is in the audit dept for final review now.  The last month has been grueling to say the least -  an absolute nightmare.  I will not be surprised if BofA comes back with another hoop to jump through tomorrow and we find ourselves having to postpone the closing again.  The process you mention is indeed painstaking and time consuming however I might add that BofA took less than the approved short sale price on the HUD 900456.  They said to list at $147 and that they would accept a net of $129.  They are netting more like $124k.  BofA Twitter Help expedited the file on two different occasions.  The process took an embarrassing amount of time.  I hope to have all this behind us by tomorrow - 5:00 pm Mountain!  Praying for the best!

Comment by Kevin - Greenville, SC on January 5, 2012 at 5:52pm

Hmm. Working and have worked several BOA FHA PFS without an ATP prior to listing...

Comment by Dean E Eshelman, CPA, CDPE, IRES on January 5, 2012 at 5:49pm

Recieved this notice --- interesting that this is where we are headed.

Last week, Bank of America asked us to remove an Agent because the Agent signed a listing with a homeowner before Bank of America had the opportunity to review the package and discuss options with the borrower. 

The loans are FHA loans, and FHA requires that borrowers be evaluated for retention options prior to being considered for a short sale or deed in lieu.  Bank of America has put a specific process in place to meet these FHA requirements.  FHA loans are different than other loans.   Borrowers who are only interested in a short sale or deed in lieu have to be evaluated for retention options prior to being approved for a short sale or deed in lieu. 

Bank of America doesn’t look at short sale offers until the borrower has the approval to participate letter.

These FHA borrowers can be pre-approved for the short sale prior to listing the property for sale.  After they  are evaluated for retention options and  approved for a short sale, the borrower will receive an “approval to participate letter” from Bank of America that states the amount that Bank of America is willing to accept, and instructs the borrower to list the home with a Real Estate agent or broker within 7 days.

These pre-approved short sales are better for everybody and take the guesswork out of the short sale process. The agent and borrower both know what Bank of America will accept, and offers can be approved quickly. 

It is important not to solicit a listing, or steer the borrower toward short sale, or deed in lieu, or any other foreclosure alternative. 

For more information about FHA Short Sale approval process visit their website; http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_14626.pdf

Comment by Christy Brock on January 3, 2012 at 7:11am

I have not heard about a list for BofA but a few months ago Chase called me with one of their borrowers on the line and handed me a short sale.  I've done several shorts with Chase.  I think they called me because my main office zip code was in the same zip code as the property.

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