Comment

Comment by Wendy Rulnick on May 18, 2020 at 7:50am

Greetings, Bill! From the land of open beaches and open gyms!  I did see your comments and I have not encountered such an FHA situation, I'm sorry to say.  I don't see any shot, but think Brett has given you good advice!

Comment by Bill Garrett on May 18, 2020 at 7:35am

Hello, Wendy.  I hope you're doing well down there in the land of sun and socially-distanced fun.   

Did you see my earlier comments about the FHA owner, past due for 7+ years?   Have you ever seen FHA approve a variance with this history?   The other fact I don't think I included is that the serviceman/borrower rented the property for much of that 7 years, but I'm pretty sure didn't share the rental income with the mortgage company.   Do you see any shot at getting FHA to approve a short sale?

Thanks, again, for this website and your help. Bill G. 

Comment by Wendy Rulnick on May 18, 2020 at 7:24am

I agree with Brett's timeline below.

Comment by Brett Goldsmith on May 14, 2020 at 4:49am

I think that people who remain unemployed will be screwed and that many o thers who get pay cuts will run into trouble when it comes to a repayment plan or loan modifications. I feel many people who's income go back to normal likely will face trouble too as most people who fall behind, have trouble in general as they live pay check to paycheck and potentially have other backed up bills.  I don't think we will start seeing the larger wave of damage until another 6-12 months or so. Once forbearance plans end, defaults rise, and eventually new foreclosures initiated.

Comment by Bill Garrett on May 13, 2020 at 5:13am

@Brett  Thanks for the feedback. Your comments affirm what I've experienced with FHA.  Often a challenge navigating the one-size-fits-all rules written by faceless Federal bureaucrats.  I'm not optimistic on this file, but will see if I can get some additional feedback from a NOVAD contact.   Thanks, again. And, wash your hands, again. Bill G.           Incidentally, what do you think we'll see in the short sale world after a few more months of this COVID nonsense?   Have a good one. 

Comment by Brett Goldsmith on May 13, 2020 at 5:02am

You'd need to reach out to a HUD representative If you don't know any you can email then you need to open a ticket at NOVAD to have one reach out to you. The general concept is that once it's 40 months past due that it's a hard no ( i've had many files declined for this reason and I've asked HUD several times in the past ). This all comes down to FHA guidelines when it comes to paying out mortgage insurance claims via short sale vs foreclosure, etc.

Comment by Bill Garrett on May 13, 2020 at 4:42am

@Brett & @Guerry.   I normally steer away from any FHA file that's this far past due, but didn't know if the military serviceman wrinkle might allow a more favorable result.   Any suggestions for getting some preliminary feedback to the general concept from FHA?   Would that be NOVAD?   Thanks, again.  Wash your hands, again. 

Comment by Brett Goldsmith on May 13, 2020 at 4:17am

@Bill, most reps are unaware of that guideline. HUD will decline this file when a variance to open the PFS program is submitted. Never seen a variance for the 40month rule once it began to be enforced. The file is likely a waste of time and this borrower unfortunately will eventually be foreclosed on in my opinion.

Comment by Guerry Clegg on May 12, 2020 at 11:42am

HUD should approve if everything else lines up. Net, contract terms, etc.

Comment by Bill Garrett on May 12, 2020 at 11:39am

LAST PAYMENT 7 YEARS AGO.... I have an owner relocated by the military seven years ago, thereby forced to move from his home with the FHA mortgage. The mortgage servicer (Selene Financial) suggested he now apply for a short sale.   My instinct is that it's been way too long for the owner now to be eligible for the FHA pre-FC program -- way past 40 months.  My instinct is the Selene rep proposing the short sale route gave bad info to the owner, but has anyone seen any variance under these circumstances?   Thanks.   Bill Garrett

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