Comment

Comment by Myra McCaskill on April 5, 2012 at 1:15pm

I just was told by Wells Fargo Bank that my client was denied for the FHA short sale because he did not exhaust all retention options.  There is a foreclosure sale date for 4/27/2012.  My client was in bankruptcy and his bankruptcy attorney filed a motion to remove the property the bankruptcy because he could no longer afford the payments for the property as it relates to the house.  I don't understand this logic on why Wells Fargo denied the short sale.  The seller cannot afford the payments and does not want to keep the property. Can anyone give me any advice on this?

Comment by Kevin - Greenville, SC on April 5, 2012 at 10:07am

Sharonda Felton - You are welcome to call me if you wish. 864-485-9283

Comment by Sharonda Felton on April 5, 2012 at 9:57am

No my agent is asking our attorneys and the attorneys cannot get information from the person on the case for BOA as they have escalated and we are still waiting for an update. So, I was curious to know what could possibly be going on.

Comment by Kevin - Greenville, SC on April 5, 2012 at 9:54am

Sharonda Felton - Is your Agent not able to provide?

Comment by Pam Graham on April 5, 2012 at 9:32am

No Sharonda, the listing agent and title company working this file, didn't even know what type of loan the seller had, so everything started from scratch when our offer came in. We had a counter offer, in like February, and now just waiting on the final written approval.

Comment by Sharonda Felton on April 5, 2012 at 9:25am

Pam,

Did the seller have a pre-approval (ATP) or is that what you all are waiting on? I already have the ATP with the offer now, so I was hoping I wouldn't have to wait but 3 weeks as the information I have been finding specified. I am now in the 4th week and I was told it shouldn't take any longer than 5 weeks :(  I hope you and the buyer hear about your approval soon as well.

Comment by Pam Graham on April 5, 2012 at 9:21am

Sharonda,

I am an agent for a buyer who put in an offer on a FHA short sale with BOA in October 2011. We are still waiting for the approval. The reason given, is that they are extremely backed up in that dept. Very frustrating none the less. I hope you can get your approval soon.

Comment by Sharonda Felton on April 5, 2012 at 9:04am

Kevin - Greenville, SC,

I am a seller that has pre-approved short sale with BOA on an FHA loan. I would like to know what some possibilites are as to why my process is taking a long time now. I had a buyer in November 2011 that walked away but it allowed me to get an ATP for the short sale in January 2012, I have now received another buyer and sent in additional paperwork as of March 9 2012, they asked me for updated financial information that was sent in on March 24, 2012, my attorney was told that they sent off my information to FHA case worker and they are working on internal things as of that March 24th date. So, now what is going on with the process and should I expect to get a decision (hopefully approval) in the next week or so?

Comment by Kevin - Greenville, SC on April 4, 2012 at 3:58pm

Paola,

The tiered net proceeds in the FHAPFSP don't start until an ATP has been issued, so your offer will have to net 88% at the time it's issued, or you'll have to wait an additional 30 days for it to be approved.

Comment by Kevin - Greenville, SC on April 4, 2012 at 3:40pm

U.S. Department of Housing and Urban Development
FHA National Servicing Center
301 NW 6th Street, Suite 200
Oklahoma City, OK 73102

(877) 622-8525

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