Comment

Comment by Celeste ODea on December 7, 2012 at 3:32pm

They will only do an extension if there is a contract.

Comment by Chad Gelsinger on December 7, 2012 at 3:19pm

ATP's are good for 120 days. As a Tier 1 Lender, Bank of America will extend an additional 60 days, but you must request it. Many of the negotiators/specialists do not understand this option and you may have to escalate to get the extension. [email protected] 

Comment by joe beauchamp on December 7, 2012 at 12:56pm

Of course you can ask - but the answer is no. Just to be sure, I did the same for one of mine today. No buyer, SS is denied - no extension.

Comment by cat on December 6, 2012 at 10:31am

HELP!  I sure thought there were timelines for my shortsales with FHA.  Does anyone have a link where I can go review these?  I received "APPROVAL" for a shortsale last week with BofA and it was supposed to close by 12/5 and I still don't have a closer assigned to the file.

Comment by Margarita Garcia on December 6, 2012 at 6:43am

Good morning,

I need your help...Tenant was foreclosed, she want's to buy the property, but it's an FHA BoA property, it will sent to Hud after they get her to vacate the property. Has anyone had any success getting Hud to let the tenant buy?

Any advise will be welcomed. Thank you

Comment by Kevin - Greenville, SC on November 20, 2012 at 7:23am

It is possible. The case just has to be made that this is a more viable alternative then Foreclosure.

Loss Mitigation Results- "The dual goals of the FHA Loss Mitigation Program are to help FHA insured borrowers avoid foreclosure and to minimize losses to our Insurance Funds."

Laurie Maggiano

April 11, 2008

Comment by Elva Branson-Lee on November 20, 2012 at 7:20am

@Wendy - I had a W F short sale last year, very similar situation, that processed forever (well, for months and months) and never got approved, even with a viable offer on the table. The sellers walked away for safety's sake and it went to REO, then sold for approximately the same amount that we had it under contract for months earlier.

Comment by Wendy Smith on November 20, 2012 at 6:02am

Has anyone ever gotten a variance or ATP with a hardship other than financial?  The situation/hardship is that the neighborhood has deteriorated so much that the homeowner is fearful of her safety.  The short sale was rejected due to 'positive cash flow' - it is unknown whether positive cash flow is a few bucks cash flow, a few hundred or thousands of dollars cash flow...

this is a new one for me.  Oddly enough I received a call from a seller that has the exact same situation.

Comment by Kevin - Greenville, SC on November 14, 2012 at 10:55am

It's in the First Paragraph.

Comment by Joan Vaca on November 14, 2012 at 10:40am

Thanks Kevin; I thought it might be in there and have been trying to read through it but haven't got there yet! 

 

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