Comment

Comment by Jim Stewart on October 27, 2010 at 4:38am

having problems with bank of america fha SS. sent in the offer on September 23rd. We've never received the form 90045. Negotiator won't return calls and foreclosure is scheduled for mid November even though we have an offer on the table. Thoughts, recommendations??

Comment by Jim Stewart on October 18, 2010 at 3:16pm

Bill, go to the Citi page in this site or the Citi website also has them. There are no special docs for a Citi FHA short sale. just send them in the regular Citi required package which does have several Citi specific forms.

Comment by Bill Garrett on October 18, 2010 at 11:51am

Can anyone point me to a location where I can find the docs needed for a short sale on an FHA mortgage serviced by Citi? Thanks.

Comment by Janet Nelson on October 7, 2010 at 3:37pm

Michael and others~

The 60 day rule is not in the guidelines, as those are for the servicers..This has to do with the borrower filing a grievance with HUD on the servicer for non action. This link tells you where to go for help. I have received help from the HUD caseworkers myself dealing with a bank rep that didn't have a clue.

http://portal.hud.gov/portal/page/portal/HUD/topics/avoiding_forecl...

Comment by Robin M. Willis on October 7, 2010 at 10:24am

Michael,

I learned about this when I received my training to become a CDRS. I don't know where it is written, but HUD confirms it every time I call in and they assign someone to work my case once the bank goes past that window.

Comment by Michael Schneider on October 7, 2010 at 10:14am

Where is that guideline, Robin? I looked for this, but did not find it.

Comment by Robin M. Willis on October 7, 2010 at 10:12am

The time for review of a complete package (minus the offer and HUD) is 60 days. If your lender does not comply, you can call the HUD Hotline and they will open a ticket for you and light a fire under their servicer. Same applies if they require an offer before considering the short sale.

The HUD Hotline number is 888-297-8685. You will have to have the borrower sign a letter specifically authorizing them to speak to you and this should have the FHA Case number on it (Bank will give you that if you ask). The authorization letter can not reference the lender in any way but must give permission to HUD to speak to you. The fax number to send in your authorization letter is 918-551-5391. They usually process these in a couple of hours. Here is the letter I use that works quite well. BANK Authorization Letter - HUD.doc

Comment by Aneetra Isis Sherrell on October 7, 2010 at 7:49am

On some deals, you may not meet the MNP. If this is the case, the negotiator can file for a variance from HUD. They will not do it for you, you have to ask them to go back to HUD.

Even though the rules state only "1% cc if buyer is using FHA", you can still get the 3% to help your client if you ask for the variance. 100% of mine have been approved this way.

Comment by Aneetra Isis Sherrell on October 7, 2010 at 7:45am

You should call FHA. Have your client call their lender and get his/her case number. The lender is REQUIRED to give it to them. Have them call back to FHA with the case number and lender, and see if that won't get you somewhere. FHA will take that info and deal with the lender directly. They will even give you the clause/specific verbiage that says what the lender must do for the PFS program.

I had a client with a sale date within 7 days and the GMAC told me she could not participate because she was unemployed so they refused to postpone the sale even though we had a complete package. FHA gave us the specific clause to give them that they had to abide by, we told them this and got the case number. My seller called FHA back and gave them all the info, the next day, I received a call that the sale was postponed. 2 weeks later we received the PFS, and since we already had a buyer, I sent the contract back with it and received approval within 2 days.

All of this happened in September, we are scheduled to close at the end of the month.

Good Luck-Hope this helps!

Comment by John Edelman on October 7, 2010 at 5:51am

Are you currently having this issue on one of your files or are you just asking in general?

When you contact the lender about doing the short sale, are you sending in more than the 90035 & 90045?

You should be sending a complete short sale package with the exception of the purchase contract, buyer's approval letter and prelim HUD1.

I do have some direct contacts at Wells and B of A - if you get into a bind - let me know and I will see if I can help.

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