Comment

Comment by James Whiteway on October 11, 2013 at 6:18am

Need help... I have a SS with Ocwen as the servicer, FHA investor deal. I have went round for round Ocwen tells me that the loan has to be reviewed for a HAMP loan mod before it could even qualify for a short sale. Sometimes I get have the borrower call in sometimes I get need a written request to opt out, I have started a dispute. I am out of options on this. Any one have any ideas to get around this?

Thank you for any help  :)

Comment by Myra McCaskill on October 9, 2013 at 3:01am

Yes. I have a FHA Short Sale with WFB and they told me today that due to the shutdown they can not approve my file because they have to get final approval from FHA. Mainly because they have to get approval of the concessions to the buyer.   

Also, questions on the $3,000 relocation.  I asked WFB about my seller getting the $3,000 relocation and my negotiator had never heard about it.  So I sent her the Mortgagee letter stating the new policy and she told me that she was not given any directive on the new policy.  So she asked her manager about it and she did not know!! So they went to go ask someone higher up and they said the following:

 “the Borrower was prequalified into the PFS Program prior to 10/1/13 which is the effective date of the mortgagee letter .  The Borrower may receive a seller incentive up to $1,000 as outlined on the ATP that was issued. “

Has anyone been told this? 

Comment by Chad Gelsinger on October 8, 2013 at 7:36am

Joseph, it is our understanding FHA is not requiring Lenders to review homeowners for the Loan Mod review, but are required to perform the Deficit Income Test to see if a homeowner qualifies for a Short Sale. Keep in mind, Bank of America does REQUIRE the Loan Mod review prior to being set up in the Short Sale. Any Lender can require a Loan Mod review prior to the PreForeclosure Sale process, if they choose. Chad. 

Comment by Joseph Alfe on October 8, 2013 at 6:57am

Does FHA still require a loan mod attempt before a short sale, and are there work arounds?  The seller no longer lives in property.

Comment by Kevin - Greenville, SC on October 3, 2013 at 7:52am

scroll to the top of this page. the new guidelines are posted there.

Comment by Paola Martinsen on October 3, 2013 at 7:50am

Thanks, do you happen to know the reasoning behind that? I was told its a drive by BPO so that makes no sense. Theres gotta be a logical explanation? Also, do you have any literature form HUD with the recent changes?

Comment by Kevin - Greenville, SC on October 3, 2013 at 7:49am

The relocation incentive is now $3000 but now it's only for Owner Occupants.  They will also be reviewed for a possible cash contribution sort of like Fannie and Freddie.

Comment by Kevin - Greenville, SC on October 3, 2013 at 7:48am

Paola,  Yes under the new Guidelines that went info effect 10-1 a BPO is now done along with an Appraisal.

Comment by Paola Martinsen on October 3, 2013 at 7:40am

Lots of changes! I currently have 2 FHA short sales, one with Wells and another one with BAC. The appraisal was already completed and they were about to Issue an ATP and now both banks are saying they need to order a drive by BPO? Does anybody know why HUD would want a drive by BPO right after an appraisal is completed? Just curious as to the reasoning behind that. Also BAC said the relocation incentive is up to 3k and that some borrowers may now be required to do a cash contribution? Does anybody have more info from HUD like a mortgagee letter or something from HUD that has more details?

Comment by Kevin - Greenville, SC on October 2, 2013 at 10:06am

Fred,  Yes.  Delayed Approval Letter.  More about Wells Fargo's systems, not FHA.

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