Comment

Comment by James ferebee jr on January 12, 2013 at 7:17am

The rep at the bank has no idea what they are talking about.

Here is a link to a posting from HUD's website about FAQ's about FHA's partial claim.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sf...

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sf...

Comment by Kevin - Greenville, SC on January 11, 2013 at 10:44am

There really is not price reduction process per say with the FHA PFS.  The minimum tiered net proceeds based off the As-is Appraisal must be met unless HUD approves a Variance.

Comment by Kathleen Sheridan on January 11, 2013 at 10:23am

There is HAFA and then there is FHA and HUD. Two different things. The purpose of HAFA is to get the lenders to clean up the mortgage mess asap. HUD has a different mandate. I requested a price reduction on a pre-appraised and priced FHA short sale. Still waiting for a response. On the other hand, I have a pre-appraised HAFA short sale where we were told to reduce the price on te 21's day of the listing. Then they hired auction.com to market the property to get the quickest sale. 

Comment by Kevin - Greenville, SC on January 10, 2013 at 6:56pm

http://homeloanhelp.bankofamerica.com/en/assets/documents/HAFA-poli...

Comment by Kevin - Greenville, SC on January 10, 2013 at 6:55pm

Robin -

Bank of America's written policy for price reductions for HAFA.

Valuation Price Reduction Review During Marketing Period
After the Short Sale Agreement is signed and the list price is accepted, we
will reevaluate the list price every 21 days with you and your agent during the
120-day marketing period. If there are any questions regarding the property
valuation, your agent may contact the Short Sale Specialist.

https://agentresources.bankofamerica.com/content/document/SS_HAFA_1...

Comment by Robin Lemmons on January 6, 2013 at 11:25am

They will not allow a reduction if it is a HAFA. I have one that is way too high as well. They told me to wait for an offer and then appeal the BPO. I reduced the price anyway so I could get an offer. If that doesn't work, I am going to request a traditional short sale.

Comment by Kathleen Sheridan on January 6, 2013 at 10:53am

I have 2 Bank of America short sale listings. Neither one is attracting any buyers at the approved listing price. I have requested a price reduction on one.What is their policy of price reductions? 

Comment by joe beauchamp on December 24, 2012 at 5:29am

A month of timing? That is 1 donut break in FHA time. ;-)

FHA is swamped in rules - a lot of strange ones (property must be listed as active even when you have a sales contract, cannot do a short sale if the property is not maintained - better to have it burn down and foreclose 3 yrs later..??, etc.), so it seems unlikely that they treat "we say we want to divorce" as anything but a trick - but I have not gone through these specific circumstances, so I cannot say for certain. At the least, you should be able to push for a variance because they have filed for divorce. Variances take at least 2 weeks, a month is more likely, if they give one. It will take a month or you can wait a month for the divorce. Yep, that sounds like a typical short sale trade off...

Comment by Jim Schneider on December 23, 2012 at 3:31am

Situation: Sellers are separated but have not filled for divorce. They have an FHA loan serviced by Wells, I thought they had a good hardship for financial reasons alone (job loss of one owner) but apparently Wells thinks their finances are too good, and is looking at them as one household since they are not divorced. Will FHA consider the hardship of divorce when they file for divorce, or only when the divorce is finalized? There's probably at least a month of difference in the timing.

Comment by joe beauchamp on December 13, 2012 at 2:19pm

Patricia, you just start over - since you did not get a buyer in all that time, I'd say wait until you are at least close to having one.

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