Comment

Comment by Rachael Babinchak on July 23, 2013 at 11:55am

I was a buyer's agent in a SS like this, but my listing agent was slow and seemed for months to have NO CLUE what they were doing, much less how BAC operated.  I escalated to Pres Escalations office behind his back (luckily I had loan# from an email he sent) and they actually talked to me with brief info as I explained the LA difficulties and what can I do to help.  She told me.  Then, I gently prodded the LA for weeks, "Let me help you, I'll call BAC and, FHA, I've got some contacts you might not have, you sound really busy let me see what I can do"...he finally relented and gave me full auth to talk to BAC and FHA.  We closed last week after 7 months.  You can try that?  I approached it "we're a team".

Comment by Staci on July 19, 2013 at 9:54am

Yes Theresa, I would recommend calling HUD and having them escalate it from their end.  I had a file that was FHA-WF, took me 1.5 years to get this file set up for short sale because of an old ATP.  The old ATP was with another agent at the time and after many many headaches, I was able to get HUD involved and the RIGHT person finally made WF set the file up for SS.  We finally got the file to Approval and should be closing in the next weeks. Good luck!

Comment by joe beauchamp on July 19, 2013 at 9:53am

It seems that you are the buyers agent - you have no standing or clout. I have had decent response after talking to HUD when WF is in braindead mode. Yes, have the listing agent do that right away. Best is to send authorization and a couple of sentences about why you are contacting them - usually saves time with HUD to add that info. [If the first contact w HUD gives useless reply/response, call them (back) and tell them so - they escalate on themselves - often good stuff.] WF and BofA are well known horrible at getting FHA done these days...

Comment by Theresa McDonald on July 19, 2013 at 9:43am

I have a buyer under contract on a FHA short sale with ATP letter iin place, offer meets guidelines etc.  Wells Fargo asked for LLC paperwork and various other docs from buyer almost 2 weeks ago, we know offer is within the acceptable range.  Yet no word from WF on final acceptance of the short sale.  How can I help listing agent to get a response so we can close?  Cash buyer has been ready to close for 60 days.  Escalate to HUD?

Comment by David A. Roebuck on June 13, 2013 at 7:04am

I did not see it in the mortgage letter either.  Mine are across the country so I think that would qualify.  What about vacating their house to pursue a new job. Will FHA still do a short sale on their primary residence if it is no longer owner occupied.

Comment by Paola Martinsen on June 11, 2013 at 4:53pm

Thanks Kevin-- I couldnt find it in Mortgage Letter 2008-43. Do you know what part that would be in? All I could find was: 

The PFS option may be extended to mortgagors who: 

• Are in default as a result of an adverse and unavoidable financial situation.  Adverse and unavoidable financial situations may include but are not limited to loss of job or verifiable income reduction and extensive medical expenses;

Comment by Kevin - Greenville, SC on June 11, 2013 at 11:58am

Read Mortgage Letter 2008-43.

 http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_16788.doc

Comment by Paola Martinsen on June 11, 2013 at 11:55am

Does anybody know how many miles away does a job transfer have to be in order to qualify a borrower as a hardship for an FHA short sale?

Comment by Paola Martinsen on June 11, 2013 at 11:54am

Hi David A Roebuck, yes, HUD will pay from 750 to 1k in relocation assistance.

Comment by Kevin - Greenville, SC on June 6, 2013 at 9:30pm

P. Nicholas.  While a pain they can be done.  I've closed many.

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