Comment

Comment by Kevin - Greenville, SC on March 5, 2013 at 2:39pm

If you have already received an have a valid ATP the Borrower's financials have already been reviewed and the have been deemed eligible for the FHA Pre-Foreclosure Sale.

Comment by Rachael Babinchak on March 5, 2013 at 2:30pm

They did the same thing to me.  I asked EH how they arrived at the new figure and took notes.  The student loans were in deferrment so they subtracted that and CREATED a surplus.  I pointed this out to FHA and they gave us a variance.  Call them right away.

CONTACT FHA

FHA staff are available to help answer your questions and assist you to better understand your options as an FHA borrower under these loss mitigation programs. There are several ways you can contact FHA for more information, including:

	Call the NSC at (877) 622-8525
	The Online FHA Resource Center (see link below)
	Call the FHA Outreach Center at 1-800-CALL FHA (800-225-5342)
	Persons with hearing or speech impairments may access this number via TTY by calling the Federal Information Relay Service at (800) 877-8339
	Email the FHA Resource Center http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sf...

Comment by Phil Bailey on March 5, 2013 at 1:04pm

HELP!!! I received the Approval to Participate (HUD-90045) in September of 2012 and the Sales Contract Review (HUD-90051) in November of 2012.  The servicer is EverHome and their communication is horrible.  They kept saying the borrower's had a surplus which they didn't and I kept submitting them updated financials and financial statements proving this point.  Finally on Monday they said the short sale was denied due to the "surplus."  I should have escalated to HUD months ago but I was always told, "should have approval any day now."

Does anyone have any contacts at HUD that they can share?

Thanks,

Phil

Comment by Kevin - Greenville, SC on March 5, 2013 at 7:54am

Tom,  You'll need to fight with BOA to get the new Appraisal completed.  Otherwise they will just request HUD extend the existing Appraisal.

Comment by Kevin - Greenville, SC on February 21, 2013 at 7:23am

"Can I assume that the minimum net proceeds to the bank will drop once the ratio changes to 86%?"

Yes.

Comment by Tom Braunagel on February 21, 2013 at 7:10am

On my approval to participate, it shows a list price of $340,000 (appraised value) and a minimum net proceeds to the bank of $299,200.... which is 88% of the list price.  Can I assume that the minimum net proceeds to the bank will drop once the ratio changes to 86%?

Comment by Tom Braunagel on February 21, 2013 at 4:56am

I had a buyer for my FHA Short Sale with Bank of America that recently fell through at the minimum 84% value.  House needed too much work.  House has been on the market for 4 months and needs too much work.  My ATP date expires on the 27th of February.  I understood that if a new offer came in after the appraisal aged to 120 days, the bank would automatically do a new appraisal.  Based on the condition of this house, all the feedback has been that it's overpriced.  I need a new appraisal done and my strategy was to reduce the price to market value and submit it.... and the bank would automatically request a new appraisal.  Well, my negotiator has come back with an appraisal reconsideration request ... asking for comps and a letter of justification for the new appraisal.  Shouldn't they just request a new appraisal based on the 120 day period expiring?  I've had a hard time with this negotiator in the past and I feel like she's stalling.  Suggestions?  Thanks in advance.

Comment by Kevin - Greenville, SC on February 20, 2013 at 1:14pm

"A PFS must be reported to national credit bureaus as a “short sale”. Mortgagees will be responsible for filing a Form 1099-A (Acquisition or Abandonment of Secured Property) with the Internal Revenue Service and reporting any discharge of indebtedness, in accordance with the Internal Revenue Code."

Source - Mortgagee Letter 2008-43

Comment by cindy keil on February 20, 2013 at 12:41pm

Need to know if a seller who does a FHA shortsale will received a 1099c so they can complete IRS form 982 to waive the tax on the deficiency. Seller called Wells Fargo today and was advised she wouldn't receive one. Any assistance is greatly appreciated

 

Comment by Lisa Helweg on February 14, 2013 at 12:26pm

What are the chances that I can get a lender to postpone a foreclosure sale scheduled for 02/21/13?  The homeowner applied for a loan modification and just learned that she is not eligible.  The lender did NOT complete the waterfall by considering her for the FHA PFS alternative.  Does anyone think I have time?

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