FHA Pre-Foreclosure Program

6 months after submitting a short sale to MetLife, I have now been told that, "The HUD pre-foreclosure sale program does not allow a short sale on a property that has been used as a rental for 18+ mos per HUD guidelines."

The property is a 3-family in which the borrower/owner has resided since purchasing.

The 2008-43 Mortgagee Letter says one of the Mortgagor Qualifications is, "Are owner-occupants of a one-to-four unit single-family dwelling with a FHA-insured mortgage...."

I am confused as to what exactly a "one-to-four unit single-family dwelling" is. I have never heard of a 4-unit single family.

I have relayed all this to the negotiator and now she will not respond at all. Has anyone ever had this probelm? Is anyone able to offer any suggestions?

 

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Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on August 8, 2012 at 7:12am

MetLife will need to submit a variance to HUD for the rental period.  Request/Demand they do so.

http://www.hud.gov/offices/hsg/sfh/nsc/faqvarnc.cfm

Permalink Reply by Larry Hollingsworth on August 10, 2012 at 5:41pm

I have a stalled FHA/PFS with BOA...OK get in line right! HO started out in a Loan Mod and after a month calle dthem and left message after message with CRM that He could not afford the home and wanted to SS.

He contacted me and I put together the SS FHA?PFS package and sent it directly to the SS dept. I I began calling almost immediately abd the SS dept would tell me file has to be released from Loss Mit. I fiinally got a hold of Loss Mit and was told CRM woud have to release the file to SS dept. This was after I was told the CRM at the time had requested the file be release to SS.  Four CRM's later i finally have  one but told me to call back in 10 days and if its not released she will "escalate".. Which is a word I think they are taught to say in order to celar thel ine and answer the next call.

Needless to say 10 days later my CRM is on vacation and my offer is 30 days old and still not even in the SS dept.

 

Does anyone have a suggestion as I am stumped.

 

Thanks

 

larry Hollingsworth

Frisco, Tx 

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