Comment

Comment by Bill Garrett on December 18, 2013 at 11:35am

CONDO DUES - UNPAID BALANCE $20,000

Will FHA guidelines allow the servicer to pay the unpaid dues (not including atty fees, interest, etc) at this level?  I understand the offer would have to be sufficiently high to be able to pay the large condo dues claim, yet still meet the FHA minimum net payment.   

Comment by Guerry Clegg on December 13, 2013 at 4:51am

Thanks, Joe. BTW, the allowable costs the buyer asked for were title examination, owner's title insurance, state tax stamps and a portion of the settlement fee to round it off to $1,500. These were the same exact cost that were approved by HUD for a previous buyer on a FHA short sale, PLUS 1 percent of the loan amount to go toward loan costs. 

Comment by joe beauchamp on December 12, 2013 at 10:39am

I don't know if that is a HUD rule, haven't run into it. I would talk to BofA escalations (hit 5 instead of 1). They are more dedicated and knowledgeable than regular SS reps. My next step would likely be to talk to HUD. If you get a nimrod there, you get braindead answers, so you need to know if you are talking to an analyst or you want them to quote you the rule - yeah, they can be bad. Assuming questionable or undefinitive answer there, I'd try tweeting BofA_Help. Oh, and HUD normally routes your first call to them directly to BofA pretending to be HUD, BTW. A callback to HUD will get you to a real HUD analyst.

Comment by Guerry Clegg on December 12, 2013 at 10:29am

I just had BoA reject seller paying the Allowable Costs, even though we itemized them in the contract, because the buyer is not getting an FHA loan. The net wasn't the issue, just the costs. Negotiator said those costs are only allowed under the 1 percent rule for FHA buyers. Our buyer is willing to amend the contract, but does anybody know how to escalate this, or am I wrong?

Comment by Terry on December 11, 2013 at 5:30am

Thank you!

Comment by Paola Martinsen on December 11, 2013 at 5:27am

They have done it both ways. A new one just because the comps i submitted where good enough and varied enough that they did a new one and they have also done one once it expired. If you have a negotiator who is working with you then they might be able to get the appraisal successfully disputed. If not, I would go to HUD directly.

Comment by Terry on December 11, 2013 at 5:22am

Thank you Paola, in your experience, will they only consider a new appraisal once the current has expired, or will they complete the new appraisal anytime?  Should I request this from the Servicer or directly request to HUD/FHA?  Thank you!!

Comment by Paola Martinsen on December 11, 2013 at 5:18am

Yes, however, they always opted to get a new appraisal instead of adjusting the value. Actually, they may have asked the appraiser to see if they could adjust. I don't remember for sure but i think most of the time they would complete a second appraisal.

Comment by Terry on December 11, 2013 at 5:15am

Has anyone ever been able to complete a value dispute with HUD/FHA?

Comment by Kevin - Greenville, SC on November 16, 2013 at 6:41am

Tony and Robin, is the net tiered proceeds still being met with the $3000?  

• ‹ Previous
• 1
• …
• 26
• 27
• 28
• 29
• 30
• …
• 98
• Next ›
• Page