Loan Modification required before FHA short sale can be initiated with Bank of America?
Our client has been told they have to go through the loan modification process before the short sale can be initiated. We have been told several times that he can opt out because his wife has a medical hardship. But every time we get it closed out of loan modification, the short sale department says they can't move forward until the borrower goes through the loan modification process.
We keep getting conflicting information. Does anybody know the real deal??
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Permalink Reply by Anything On Land Group on
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I was presented the exact situation yesterday also through BofA. I ended up contacting the FHA National Servicing Center(NSC) which confirmed what BofA is telling us- the client cannot opt out of a modification, they need to be denied. The NSC referenced HUD mortgagee letter 08-43(attached) which confirms this. Let me know if you find additonal information. Thanks
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huddoc 2008-43.pdf, 261 KB
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