Comment

Comment by Tony and Robin Pickett on November 16, 2013 at 6:38am

I just got an ATP after 10/1 with only $1000 incentive.  I entered $3,000 on offer inside of Equator.  contract approval only for $3,000. Anyone know when the $3,000 isn't applicable?

Comment by joe beauchamp on November 16, 2013 at 6:02am

Bill, yes, and usually the negotiator will demand it - say things like lower incentive to $x to pay $y for sewer bill.

Comment by Bill Garrett on November 16, 2013 at 5:02am

MAY FHA INCENTIVE FEE BE USED FOR BUYER CLOSING COSTS?

Under the revised FHA rules will the seller be allowed to use some or all of his $3,000 fee to pay BUYER closing costs?    Thanks. 

Comment by joe beauchamp on October 23, 2013 at 12:18pm

M. PIckett's, there are some screwy rules to HUD.Utilities is one of them. If you don't have them on, you need a variance approved by HUD. If you dare to say that the property is not maintained, any short sale will be denied even if your buyer is chomping at the bit and offering $1MM over ATP.

BofA's motto is Bureaucracy uber alles, so they fit right in with screwy rules. You probably don't know, but a call to HUD for BofA gets you xferred to "escalations" which is to a BofA employee. I've actually had one say that they don't deal with short sales. Maybe it went to the gardener's shed at BofA?

After a "failed" call to or from HUD (they have phone answers, in effect, often call you back on a complaint and say things regardless of rules), a call back to HUD should get you really escalated and to an analyst. These people usually have a brain that works and see and understand your problem - and usually help you.

Comment by Tony and Robin Pickett on October 23, 2013 at 11:10am

Who is the director there now?  Matt Martin still?  Any contact info for him?

Comment by Tony and Robin Pickett on October 23, 2013 at 11:09am

Does anyone have a good contact at HUD, Loss Mit Department, like a housing counselor.  I am at the end of  my rope with Bank of America's 'servicer', "Home Retention Services".  I have a novel documented on Equator to share with them how difficult it is to get anything done.  Cash offer at appraised value, ATP was issued 8/6 and offer presented prior to then and still no contract approval.  I've escalated and even tried to open a ticket today with HUD Service Center and was told utilities had to be activated before they could help me!  WHAT? Utilities have nothing to do with the matter.  Besides wanting assistance with this particular deal, I am going to finally take the time to document the experience and share it.  Someone has to care enough to help stop this nonsense.  Any names, emails, phone numbers of real people who can be contacted at HUD.  Thanks for your help!

 

Comment by Megan Brooks on October 11, 2013 at 7:32am

Does anyone know if the occupancy requirements have changed, ie. rental period can be more than 18 months ect.?

Comment by Kevin - Greenville, SC on October 11, 2013 at 7:00am

0. If the “final” mortgage payment is greater than 40% of the Borrower’s current gross monthly income, the Borrower does not qualify for the FHA-HAMP and will need to be reviewed for either:

    

Special Forbearance Unemployment Preforeclosure Sale Program Deed-in-Lieu of Foreclosure Informal or Formal Forbearance 

Comment by Kevin - Greenville, SC on October 11, 2013 at 6:53am

HUD’s home retention alternatives such as Special Forbearance, Mortgage Modification, or Partial Claim must first be considered and determined unlikely to succeed due to the mortgagor’s financial situation.  

Comment by Dean E Eshelman, CPA, CDPE, IRES on October 11, 2013 at 6:44am

James, See the HAMPadmin web site e for guidelines, Handbook v 4.3 p70

"A borrower that rejects a modification offer for a mortgage loan under HAMP
(Tier 1 and/or Tier 2) is not eligible for future consideration under either Tier
for the same mortgage loan unless the borrower experiences a change in
circumstance. However, the mortgage loan must be considered for other
available loss mitigation options, including HAFA. A borrower may reject a
modification offer (i) orally or in writing; (ii) by failing to make the first TPP
payment; (iii) by failing to execute and return the permanent modification
agreement after having made all required TPP payments."

The Waterfall evaluation needs to be completed before a SS is considered.

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