Comment

Comment by Chad Gelsinger on April 26, 2012 at 11:26am

Kevin, thanks for talking with me this morning. I do have an updated fax number for HUD Servicing Center. I was told the 918-236...number was no longer valid. Here is the new fax number I was given: 469-647-4451. I was also given an email address to send a 3rd Party Authorization to: [email protected]. I won't be able to talk with anyone for 3 business days. That is how long it takes to upload and image. I will try them both. 

Comment by Kevin - Greenville, SC on April 23, 2012 at 5:40am

Jim Schneider, Yes the will consider imminent default and then run them through the retention waterfall.  Payments must be 31 past due at closing of the PFS.

Comment by Tara Polley on April 23, 2012 at 4:50am

Jim, keep in mind, FHA guidelines will not approve a short sale where payments are current.

Comment by Bryant Tutas on April 23, 2012 at 3:14am

I've done these several times. Shouldn't be an issue. It would help if you can provide the divorce filing paper work.

Comment by Jim Schneider on April 23, 2012 at 2:33am

New situation, Wells Fargo FHA mortgage. Loan is current, but seller's are divorcing. Will Wells and/or HUD consider divorce "imminent default"? Neither spouse currently has means to make the mortgage payments on their own. Please write back if you've had this one.

Comment by Wendy Smith on April 16, 2012 at 5:42am

good morning - I can't seem to find the contact info for Darrell Powell. 

would someone please share?  thanks

Comment by Kathleen Lordbock on April 13, 2012 at 10:15am

Thanks all- I have done a few other FHA-HUD SS but this one started out too high and the negotiator seems to think that I can not move the price down even to generate offers. Price is moving next week and there after- what is the worst that could happen? An offer would be nice!

Comment by Michael Schneider on April 13, 2012 at 2:44am

@Kathleen.  IMHO this is the major flaw in the FHA program, and it's a big one.  Get your best offer, submit it.  If the net exceeds 84% of the ATP value, you can generally get it approved, with a variance, if necessary.  If the net is less that 84%, you can try to dispute the value.  But the FHA dispute process is illogical and out-of-date.

Success depends primarily on price and on your closing costs (adjustments, 2nd lien, conveyance taxes, partial claim, etc.)

When the initial appraisal is much too high, sometimes all you can do is stop wasting your time.

Comment by Kevin - Greenville, SC on April 12, 2012 at 4:12pm

There is no such requirement that they wait prior to ordering another Appraisal.

In an effort to ensure that the most current FMV is used for the PFS, a mortgagee may obtain a new FHA appraisal, even if the property was appraised by an FHA Roster Appraiser within the preceding 120 days.

Monitoring of Appraisals

Mortgagees are reminded that HUD performs monitoring reviews of appraisals and holds mortgagees accountable for the quality of appraisals on properties securing FHA-insured mortgages. As such, HUD may request electronically-formatted appraisals to review and ensure their accuracy. Mortgagees who submit appraisals that do not meet HUD’s requirements are subject to the imposition of sanctions by the HUD Mortgagee Review Board in accordance with 24 CFR Part § 25.9 (ee) and Part § 203.5 (e)(3).

Comment by Bill Black on April 12, 2012 at 4:05pm

Is there any repairs that need to be done? Roof, Furnace, Dry Rot, Gutters? 

• ‹ Previous
• 1
• …
• 50
• 51
• 52
• 53
• 54
• …
• 98
• Next ›
• Page