Short Sale Superstars2024-03-29T01:26:44ZMike Rosaniahttp://shortsalesuperstars.com/profile/MikeRosaniahttp://storage.ning.com/topology/rest/1.0/file/get/3144348651?profile=RESIZE_48X48&width=48&height=48&crop=1%3A1http://shortsalesuperstars.com/group/fhashortsales/forum/topic/listForContributor?user=063mtr2at7fjv&feed=yes&xn_auth=noLoan is TOO FAR DELINQUENT to qualify for a Preforeclosure Short Sale?tag:shortsalesuperstars.com,2019-10-02:3468065:Topic:3991772019-10-02T21:08:25.614ZMike Rosaniahttp://shortsalesuperstars.com/profile/MikeRosania
<p>Seller filed BK and after multiple attempts to do a short sale, ditech is finally ready to do a short sale. But now FHA says "Borrower is not elligible for the preforeclosure sale program regardless of offer or what final net may be because loan is too far delinquent". Granted, it's 2486 days past due.</p>
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<p>A variance was put in with FHA to let us do the short sale but it was denied because "a good reason for the delinquency" was not given on the variance…</p>
<p>Seller filed BK and after multiple attempts to do a short sale, ditech is finally ready to do a short sale. But now FHA says "Borrower is not elligible for the preforeclosure sale program regardless of offer or what final net may be because loan is too far delinquent". Granted, it's 2486 days past due.</p>
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<p>A variance was put in with FHA to let us do the short sale but it was denied because "a good reason for the delinquency" was not given on the variance request.</p>
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<p>Does anyone know what the guidelines are for acceptable long-term delinquency reason with FHA, or where to find them?</p> Hud/FHA declining to do short saletag:shortsalesuperstars.com,2018-09-26:3468065:Topic:3947422018-09-26T02:08:39.177ZMike Rosaniahttp://shortsalesuperstars.com/profile/MikeRosania
Any knows how to get around (or can you get around) when hud /FHA is saying they are not doing short sale and is proceeding with fc because seller payments are 78 months past due? How do you get them to do the short sale?
Any knows how to get around (or can you get around) when hud /FHA is saying they are not doing short sale and is proceeding with fc because seller payments are 78 months past due? How do you get them to do the short sale? NOVAD as 2nd lientag:shortsalesuperstars.com,2018-03-06:3468065:Topic:3920892018-03-06T17:56:25.374ZMike Rosaniahttp://shortsalesuperstars.com/profile/MikeRosania
<p>Hi Superstars!</p>
<p>Looking for your guidance. I've never negotiated with Novad before. They are the 2nd lien holder, Ocwen is the 1st. Has anyone dealt with a similar situation? Will Novad negotiate? I'm used to getting the 1st lien holder approving $6,000 to the 2nd.... and the 2nd happily accepting that. I have a funny feeling that won't be the case here :-(</p>
<p>Hi Superstars!</p>
<p>Looking for your guidance. I've never negotiated with Novad before. They are the 2nd lien holder, Ocwen is the 1st. Has anyone dealt with a similar situation? Will Novad negotiate? I'm used to getting the 1st lien holder approving $6,000 to the 2nd.... and the 2nd happily accepting that. I have a funny feeling that won't be the case here :-(</p> Reverse Mortgage with HELOCtag:shortsalesuperstars.com,2017-01-31:3468065:Topic:3835542017-01-31T15:49:35.001ZMike Rosaniahttp://shortsalesuperstars.com/profile/MikeRosania
<p>I have a reverse mortgage short sale with Champion Mortgage. There is a HELOC with Suntrust. Champion is stating they do not allow junior liens to be included in the short sale, that the junior lien must be handled prior to the closing. How can this be a policy?</p>
<p>I have a reverse mortgage short sale with Champion Mortgage. There is a HELOC with Suntrust. Champion is stating they do not allow junior liens to be included in the short sale, that the junior lien must be handled prior to the closing. How can this be a policy?</p> 61 Days in Marketing, HUD refuses to accept less than 88% net - FSD in 2 daystag:shortsalesuperstars.com,2016-12-12:3468065:Topic:3818392016-12-12T17:38:52.251ZMike Rosaniahttp://shortsalesuperstars.com/profile/MikeRosania
<p>I marketed a PFS for over 60 days and finally received two offers. We countered them to ask for highest and best and submitted the highest offer to the bank. It nets them 85% because their appraisal is high. They are now requiring an 88% net with no flexibility. They are also refusing to suspend the foreclosure sale date, which is two days from now, December 14, 2016. Here are some other facts about this transaction that may be pertinent.</p>
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<li>HUD did not issue an ATP, but…</li>
</ol>
<p>I marketed a PFS for over 60 days and finally received two offers. We countered them to ask for highest and best and submitted the highest offer to the bank. It nets them 85% because their appraisal is high. They are now requiring an 88% net with no flexibility. They are also refusing to suspend the foreclosure sale date, which is two days from now, December 14, 2016. Here are some other facts about this transaction that may be pertinent.</p>
<ol>
<li>HUD did not issue an ATP, but instead required that the property be marketed for a minimum of 15 days before accepting an offer. They want 88% net to issue a 60-day ATP.</li>
<li>Appraisal was done in late September/early October</li>
<li>Sellers do not live in the home as they relocated and have been renting the home out.</li>
<li>This home has several thousand dollars needed in repairs, but the appraised value does not reflect that.</li>
</ol>
<p>Any ideas on how to help my Sellers avoid foreclosure?</p> What areHUD/FHA allowable fees on seller side of HUD-1/Settlement statementtag:shortsalesuperstars.com,2016-11-24:3468065:Topic:3815872016-11-24T14:44:49.405ZMike Rosaniahttp://shortsalesuperstars.com/profile/MikeRosania
<p>Does anyone have a list of allowable fees to put on HUD1/Settlement statement for seller side..example-</p>
<p>Attorney Fees, Title lien search,etc</p>
<p>Does anyone have a list of allowable fees to put on HUD1/Settlement statement for seller side..example-</p>
<p>Attorney Fees, Title lien search,etc</p> Short sale with deceased borrower?tag:shortsalesuperstars.com,2016-11-01:3468065:Topic:3806322016-11-01T21:06:50.016ZMike Rosaniahttp://shortsalesuperstars.com/profile/MikeRosania
<p>Unusual situation: home owned by husband and wife for many years. Refinanced in 2009 with FHA loan via BOA. BOA failed to get wife on note. Owners moved out in 2011 and rented home out. Husband died in 2013; probate has cleared and closed. Tenants moved out in July of this year and left property in poor condition, requiring thousands of dollars to restore. Home is well underwater. Wife/widow reaches out to BOA who acknowledges she is not on note and suggests a short sale. Contract is…</p>
<p>Unusual situation: home owned by husband and wife for many years. Refinanced in 2009 with FHA loan via BOA. BOA failed to get wife on note. Owners moved out in 2011 and rented home out. Husband died in 2013; probate has cleared and closed. Tenants moved out in July of this year and left property in poor condition, requiring thousands of dollars to restore. Home is well underwater. Wife/widow reaches out to BOA who acknowledges she is not on note and suggests a short sale. Contract is obtained and submitted to BOA, who kicks it back stating that HUD requires loan modification process to be completed first. We reply that dead men have no income, and no tax return since 2014 and submit death certificate, will and last filed tax return. BOA says HUD will not accept. Called HUD and they state that there is no exception to the rule: must do loan modification first and the borrower must request same. Widow is a person of high moral character and is upset that the home will sit and rot for a year, causing eyesore for former neighbors. Her attorney (who does short sales on a regular basis) is at a loss with this one and so am I. Does anyone have a higher contact person at HUD to see if this can be moved forward due to death of the borrower and into short sale or even DIL? Thanks in advance!</p> Allowable and Disallowable coststag:shortsalesuperstars.com,2016-05-19:3468065:Topic:3748922016-05-19T13:42:24.595ZMike Rosaniahttp://shortsalesuperstars.com/profile/MikeRosania
<p>I have had this problem several times and do not know how to escalate it.</p>
<p>Many lenders interpret the line on allowable costs, "Up to 1% of Buyer’s First Mortgage Amount if FHA Buyer" to mean that ONLY FHA buyers are eligible for ANY allowable costs, and the limit is 1 percent of the loan amount.</p>
<p>This is a bonus for FHA buyers, in addition to the other allowable costs. But too many lenders do not understand that. How do I escalate that?</p>
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<p>I have had this problem several times and do not know how to escalate it.</p>
<p>Many lenders interpret the line on allowable costs, "Up to 1% of Buyer’s First Mortgage Amount if FHA Buyer" to mean that ONLY FHA buyers are eligible for ANY allowable costs, and the limit is 1 percent of the loan amount.</p>
<p>This is a bonus for FHA buyers, in addition to the other allowable costs. But too many lenders do not understand that. How do I escalate that?</p>
<p></p> members of LLC required for FHA short sale?tag:shortsalesuperstars.com,2015-03-03:3468065:Topic:3629412015-03-03T16:42:58.306ZMike Rosaniahttp://shortsalesuperstars.com/profile/MikeRosania
<p>actually I know the answer, they are required for the buyer....does anyone have a link to where this is at online?</p>
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<p>There is an LLC buyer of a short sale I have listed that refuses to provide his list of members on the LLC....said he has never had to provide before...</p>
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<p>actually I know the answer, they are required for the buyer....does anyone have a link to where this is at online?</p>
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<p>There is an LLC buyer of a short sale I have listed that refuses to provide his list of members on the LLC....said he has never had to provide before...</p>
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<p></p> 2 year old FHA short sale trying to buy again.. was told to wait 3 years? Alternative ideas?tag:shortsalesuperstars.com,2015-02-23:3468065:Topic:3628142015-02-23T19:49:52.888ZMike Rosaniahttp://shortsalesuperstars.com/profile/MikeRosania
<p>Hello Everyone, </p>
<p>I have a client that sold their home in a short sale 2 years ago due to a job transfer. They are under contract to purchase a new home with a builder. The builder's lender and Wells Fargo denied a FHA loan based on the fact that they had sold their previous home in a short sale 2 years ago. They did not pay the last 2 payments, because FHA would not approve the short sale unless they were delinquent. They were recently told that they have to wait 3 years. Do you…</p>
<p>Hello Everyone, </p>
<p>I have a client that sold their home in a short sale 2 years ago due to a job transfer. They are under contract to purchase a new home with a builder. The builder's lender and Wells Fargo denied a FHA loan based on the fact that they had sold their previous home in a short sale 2 years ago. They did not pay the last 2 payments, because FHA would not approve the short sale unless they were delinquent. They were recently told that they have to wait 3 years. Do you have any ideas on alternative financing? Thanks!</p>