Comment

Comment by Chris McGee on November 8, 2012 at 10:30am

Has anyone been successful in getting an allowable fee to treat termites on an FHA short sale (BofA, Arizona)?

 

Comment by Kevin - Greenville, SC on November 6, 2012 at 6:30pm

Kevin,

This is what HUD will allow the Servicer to approve in the way of closings costs without a variance -The Preforeclosure Sale Program allows a Mortgagor in default to sell his or ... HUD allows up to 1% of the buyer's mortgage amount for closing costs to be included in... Costs” on the HUD-1 for all transactions that involve a new FHA-insured Mortgage.

http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_14627.pdf

Comment by Kevin Kudrna on November 6, 2012 at 11:36am

Happy election day,

I have a VA offer and I'm wondering if HUD will cover the VA non-allowables that the buyer is not allowed to pay or if a variance is required.  Thanks Kevin

Comment by Barbara Pedersen on November 1, 2012 at 3:25am

Bryant, thank you. That's probably it.

Comment by Bryant Tutas on November 1, 2012 at 3:17am

I've had it happen. The seller just needs to do a short letter explaining the incoming and outgoing. Usually this is related to deposits. They want to make sure all income is being disclosed.

Comment by Barbara Pedersen on November 1, 2012 at 2:41am

Hello All,

I have an FHA Pre-foreclosure sale with Bank of America. The negotiator asked for all the transactions over $300 on the last 2 months of borrower's bank statements to be explained. Is it normal? I do not remember this was a requirement in my previous FHA short sales.
Thank you for your input.

Comment by Barbara Pedersen on October 23, 2012 at 10:27am

I am going to call FHA National Servicing Center 877-622-8525.  I will let you know if if I get any help.

Comment by Lillianne Echevarria on October 23, 2012 at 9:20am

m going through exactly the same with BOA - its like you took my story and told it here. I was given October 26 as a resubmittal if a negotiator has not been assigned by then... 9/17 Loan Mod declined,  9/20 Short Sale Opened - 9/28 - Loan Mod Reopened, 9/8 Short Sale closed, 9/10 Loan mod closed, 10/8 Short Sale Initiation supposedly requested but later learned it was finally requested 10/11 when they finally closed mod...I just hope the buyer does not walk...  

Comment by Barbara Pedersen on October 23, 2012 at 9:10am

Hello, I need help with Bank of America FHA Pre-foreclosure sale.

Contract in place. Contact made on Sep 10 and required documents faxed on Sep.19th, updated/current. Since then unbelievable nightmare to get this short sale going. .Finally manual referral to open FHA template was made on Oct 10, template is there but not active. I have been trying to get it active and negotiator assigned. Made numerous phone calls (about 25-30 in all)  and have been getting run around. Tried Twitter help, who allegedly spoke with management, and gave me a definite date of October 22nd for the short sale to become active and negotiator assigned. As of today it is not happening. I need major help to move this forward. My CRM (Customer Relationship Manager) is not helpful at all and repeats the same story every time I speak with her, namely, I have to wait.What worries me is that every time they give me a time line or a piece of information, it turns out not to be true at all. It looks like they will tell you whatever just to get rid of you and your questions. Does anybody have a good contact for HUD? Or any good contact on a higher level  to help? Thank you.very much.

Comment by joe beauchamp on September 25, 2012 at 12:21pm

Smitty, that is the way politicians roll. HUD/FHA expects a loan mod to do the least damage to "the investor" so entertains that first. Several things "say" no loan mod - divorce, vacant property - I guess other stuff. However, as stupid as it seems, the seller keeps getting subjected to "can we loan mod instead of short sale?:  Every 90 days, they will yank the short sale for the seller to verbally give finances, then the CRM has to "recommend" the file for a short sale. And on and on.  Consider it the best that bureaucrats and politicians can put together to make the economy whole. Yes, a lottery ticket has better odds.

So, you have to put up with it - an FHA underwriter will go through the financials and claim whether a loan mod makes sense or not - regardless of what the seller wants.

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