Comment

Comment by Jessica Jablonski on May 29, 2012 at 11:12am

Bank of America is telling me it is required for my client to go through a loan modification before they will initiate a FHA short sale. But we have also been told they he can opt out of the loan mod because his wife has a medical hardship. Help?!? We have been trying to get this file started for months and can not get the file started. Everyone we speak to tells us different information. 

Comment by Kevin - Greenville, SC on May 23, 2012 at 2:41pm

There is no need to provide a Preliminary HUD-1 at the time of issuance of the ATP if there is no Buyer as that's not what the #'s on the ATP are based upon.

Comment by Jim Schneider on May 21, 2012 at 5:30am

Interesting twist. Bank of America, FHA loan, waiting for the ATP but we do have a buyer. Since we pro-rate taxes back to the buyer in Illinois, and didn't have the buyer's closing costs on the pre-liminary HUD, it showed that money was going back to the buyer at close. The negotiator said we needed line 303 to be marked as money "FROM" buyer. This wasn't hard in our case, we had the buyer's lender provide the GFE and once closing costs were on the HUD it shows money from the buyer.

Question is- if we were getting the Approval to Participate BEFORE we had a buyer, what then? Put in rough estimates of a hypothetical purchasor? I'm not sure, but I'd love to have the answer before I run into that problem.

Comment by Kevin - Greenville, SC on May 13, 2012 at 4:09pm

Kris,

Find someone at the Servicer level who will submit the variance request.  If they still wont, contact HUD.  HUD approves these all day long.

Comment by Kris Lindahl on May 13, 2012 at 4:06pm

I am wondering if anyone can give me some advice on a FHA short sale with quicken loans.  The buyer is requesting 3% seller paid closing costs.  The negotiator is saying they will only allow 1% seller paid cc.  I requested that she submit it to HUD for a variance and she told me she will not do that.  It was my understand they need to submit to HUD for variances.  The 2% difference will kill the deal.  Should I go directly to HUD?  If so, who should I contact?

 

Any insight would be helpful!

Comment by Kevin - Greenville, SC on May 9, 2012 at 11:38am

Pre-Foreclosure Sale Introduction
The Pre-Foreclosure Sale (PFS) option allows mortgagors in default (resulting from an adverse and unavoidable financial situation) to sell their home at FMV and use the sale proceeds to satisfy the mortgage debt even if the proceeds are less than the amount owed. This option is appropriate for mortgagors whose financial situation requires that they sell their home, but they are unable to do so without FHA relief because the gross recovery on the sale of their property (i.e., sales price minus sales expenses) is less than the amount owed on the mortgage. Source: Mortgagee Letter 2008-43

Comment by Michael Schneider on May 9, 2012 at 11:18am

@Pat. From ML 08-43 (this is all you get, as far as I know)

Mortgagors, acting in good faith, who successfully sell their properties using this option are relieved of their mortgage obligation

Some servicers will add explicit waiver language in the demand.

Comment by Pat Hood on May 9, 2012 at 7:57am

Question on approved PFS sale. GMAC letter silent on deficiency. Darrell Powell has not responded to my question regarding deficiency. Mortgagee letter 94-45 states"Mortgagors determined to be eligible for and who participate in the pre-foreclosure sale procedure are not to be pursued for deficiency judgements."

Does this statement of policy, along with approval letters protect my client or need something more? In Arizona..non-recourse for purchase money.

Comment by Julissa Jumper on May 3, 2012 at 4:24am

I just had t o fax a LOA to HUD and the fax number they gave is: 469-647-4451. The number above on the group page is outdated.

Comment by Jim Stewart on May 3, 2012 at 3:43am

Diane, what lender where you dealing with? Other than pictures what did you send to the lender to get them to lower the price?

• ‹ Previous
• 1
• …
• 48
• 49
• 50
• 51
• 52
• …
• 98
• Next ›
• Page