Comment

Comment by Kathleen Lordbock on September 1, 2010 at 3:58am

Anyone ever get a price to sell at back from Wells/FHA- I am still waiting 20 days later! It is listed and we reduce anyway but it would be nice to know.

Comment by Michael Schneider on September 1, 2010 at 3:31am

Thanks, Kent. That's what I think, too.
I re-read ML 2008-43, because you need to review HUD guidelines. They are very carefully written, and often I find that my understanding of a guideline is not quite right.
I find nothing supporting BB&T's policy.

Comment by Kent Dills on August 31, 2010 at 10:06am

Michael, BB&T is wrong. You need to escalate to supervisor/manager level and contact HUD and whomever the regulator for BB&T is if you can't get satisfaction!

Comment by Michael Schneider on August 31, 2010 at 8:28am

Here is a new one for me.
My seller has an FHA loan, the Servicer is BB&T.
BB&T states that the mortgagor cannot be review for Approval to Participate in the FHA/PFS program, until they have a purchase contract and preliminary HUD1.
This is contrary to the ML08-43, the FHA guidelines. But, they insist they are following FHA guidelines.
Is participation in PFS optional for an FHA Servicer?
I read ML 08-43 again. Nowhere does it state that the Servicer has the option to required the contract prior the ATP review. (And, none of the majors implement PFS like this.)
Anyone have insight to provide on this?

Comment by Brigitte Powell on August 26, 2010 at 12:57am

Sorry, got side tracked. I still think that the listing agent needs to make contact.

Comment by Brigitte Powell on August 26, 2010 at 12:49am

Jim, the listing agent should contact the servicer....you don't think they believe the Seller, do you? :-) They need proof that it is listed. I have one set for September (A VA loan with Wells) I am reducing the price on a regular basis until I get a hit. My folks have been told they can do a short sale but the VA appraiser was sent out and Wells does have a figure to go by (I don't know that figure).

Comment by Kathleen Lordbock on August 25, 2010 at 3:41pm

Get the sellers to do the counseling phone call and move forward. They can decline a loan mod and request a Short Sale. My latest Wells HUD clients spent 45 minutes on this but then we moved right into a appraisal. Still waiting for the "sell" price.

Comment by John Edelman on August 25, 2010 at 2:40pm

Jim,

I am confused as to where you are in the process and what has been done up to this point. HUD has some pretty specific guidelines that they follow. Did the lender do the appraisal on the home? Was the property put into the PFS program?

Comment by Jim Stewart on August 25, 2010 at 2:16pm

Brigitte,
The seller says they tried that and the servicer said that HUD ordered the foreclosure and that they can't do anything about it.

Comment by John Edelman on August 25, 2010 at 12:17pm

The phone number for Wells Fargo HUD counseling is 866-941-3642 Wells seems to be the only servicer that has sellers complete the HUD counseling - but it is a requirement for Wells. A quick phone call and it's all taken care of.

• ‹ Previous
• 1
• …
• 84
• 85
• 86
• 87
• 88
• …
• 98
• Next ›
• Page