Comment

Comment by Catherine Gheen on April 19, 2012 at 6:09pm

Sherri the last time I dealt with a credit union that would not respond I filed a complaint with the National Association with their director Debi Matz.  She was appointed by President Obama so I let the little credit union here know and copied her on the email.

Let me tell you she got 3 examiners on the file asap and the little credit union stood up to take notice.  They of course were annoyed with me but prior to the complaint they were not talking to me after multiple emails and phone calls.

Sometimes a girl has to get out her hammer and take care of business.

Debbie Matz
Chairman
National Credit Union Administration
1775 Duke Street
Alexandria, VA  22314
703-518-6301

Comment by Sherrie Barker on April 19, 2012 at 5:45pm

Michael,

Thank you. Bank of America is offering $3,000 to the second (CU), and we have submitted the package to the 2nd. There has been some back and forth with the attorney who is handling CU's short sales. He said we had to wait for the review committee to meet. Then, it has been like he dropped off the face of the earth. Committee met 2 wks ago, and we have not been able to reach the attorney since. We have tried to talk to someone else, but the CU says the attorney is the only person handling their SS's. We just got a 14 day extension from BofA today. Thank you! I appreciate your advice.

Comment by Napua Lucas on April 19, 2012 at 4:01pm

A couple of years ago I did my first FHA short Sale with B of A.  It went smoothly and quick enough, this all thanks to having had a good negotiator who did her job well and did respond with emails in a timely manner. She knew what she was doing. But I, too, have had negotiators who I think were ghosts.

Comment by Michael Schneider on April 19, 2012 at 9:25am

Sorry, Jennifer, I mis-read the date of ATP on March 21.

The next task after the ATP is to submit the offer for the Sales Contract Review.  If approved, the outcome of that are the docs you need to close on.

Then, you submit the Estimated Final HUD for Final Approval a few days before closing.

Three approvals: 1. For Seller , 2. For the offer, 3. For the final HUD.

Comment by Jim Stewart on April 19, 2012 at 9:10am

Well said Michael.  If anything, FHA is probably the easiest short sale program there is. That's not to say it's "easy" though.  Nor does that mean it is quick.

Comment by Michael Schneider on April 19, 2012 at 9:06am

The ATP is approval for the seller and the property.  Not for an offer.

After the ATP is issued, the sale's contract can be reviewed.  By guidelines, turnaround should be 5 days.  But, it is often longer, perhaps a few weeks.  In your case, for whatever reason, the offer was apparently lost or rejected or never reviewed.  Something went wrong.

Agents keep posting horror stories with the FHA short-sale process, and it's easy to say that it really does work well, if you have tons of experience.  But, that's the problem IMHO, you need tons of experience to be successful with FHA short-sales.

Comment by Jennifer Culberson on April 19, 2012 at 8:21am

Can anyone explain how the FHA Approval to Participate works?  Here is why I ask:

We put in a short sale package last Nov. to the BofA FHA department.  March 21st we received an APT letter, which our seller was asked to sign and send back.  Not understanding what this is and what it is for, we proceeded to move forward with our buyer toward a close and as of a day ago, sent in a final HUD for final approval, when we discover, the contract that was sent in last Nov. is still in "Investor Review" and has yet to be "approved" even though it meets all the guidelines...  So today I have called HUD and asked how long does a bank have to approve a contract under the ATP program?  They could not tell me...I spoke to a HUD BofA rep, he couldn't tell me, my negotiator and negotiator's supervisor have not returned multiple calls or emails in the past several weeks to try to figure out if we were doing this right...and as of today we find out we have a "new negotiator" who also has yet to answer calls or emails.  DOES ANYONE OUT THERE know how long it SHOULD take to have a contract accepted after you receive the ATP, because the bank has had possession of that contract since last Nov.   It is absolutely maddening to get information from the government or this bank.

Comment by Michael Schneider on April 19, 2012 at 3:48am

@Sherrie  Unfortunately, I think this is probably a redo.

Without seeing the file, I would think you need to re-submit to BofA, requesting payment to the 2nd, submit the package to the CU, negotiate release or settlement on the CU debt.

The 2nd has two "negatives" here.  It's a HELOC and the creditor is a CU, each make the settlement more difficult.  But, there is a way to do virtually every short-sale, if the parties are motivated.

Comment by Sherrie Barker on April 18, 2012 at 5:23pm

Need help...We have approval from BofA as the 1st. However a HELOC (70,000) with Credit Union 1 (Illinois) cropped up that the seller says he forgot about. We are supposed to close with BofA by April 27 and have requested an extension about a week ago. The Credit Union has an attorney and he says a committee makes the decisions. The committee apparently met a couple of weeks ago, now we can get a response from the attorney. And everyone at the Credit Union says he is the only one to talk with. Any suggestions...or would someone have a contract for Credit Union 1 to escalate the file? Thank you or any help! 

Comment by Mary M. Bremer on April 13, 2012 at 8:08am

Christy -  I'm good.

Just FYI:  I did send it to them.  The Attorney told my sellers that there was a document that the parents would sign. 

My posting today said if "anyone has had a closed transaction with a related party then please respond." 

I am not going to waste time calling anyone or using the Twitter team.  If no one gets back to me with a closed transaction, then nuff said.

 

Thanks tho'

 

 

 

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