Comment

Comment by Robert A. Carrino on February 29, 2012 at 4:11am

Great stuff John. I am here in GA and we have the fast track FC process as well. advertise 4 weeks and sold on first Tuesday.

Comment by John Edelman on February 29, 2012 at 4:04am

Yes - it did come from Matt.  You are right - the issue may be that the homeowner was being reviewed for some type of retention option - while the clock continued to tick.  Or it may be that the homeowner just did not reach out for help until very late in the process. (In Texas, we have a very fast foreclosure process).  Or it could be that the servicer was just very slow in gettting their process done (there are a couple very slow servicers) - as is true in my case.  Even with an explanation of the situation and the unresponsiveness of the servicer, HUD is still requiring a purchase contract in order to consider the postponement of the sale.

Comment by Kevin - Greenville, SC on February 29, 2012 at 3:56am

John,  That's pretty much spot on the thought process behind it is that once on Homeowner has been denied retention they should have listed and offered the PFS option.  Problems arise those when a Foreclosure Sale has been scheduled and the Borrower is still being reviewed for retention.  This can cause problems, and could also be cause to get the FC Sale postponed due to the Sevicer's failure.  Did Matt tell you this?

Comment by John Edelman on February 29, 2012 at 3:52am

This is a response that I received last week from a senior representative at HUD when I was trying to postpone a foreclosure sale that is posted within 2 weeks. "With a FC sale pending and no offer pending,  I would not require them to enter into a 120 marketing period".  If you have a pending foreclosure sale - typically less than 30 days - then the guidelines are that they need to have a purchase contract to postpone the foreclosure sale.

 

Comment by Kevin - Greenville, SC on February 29, 2012 at 3:47am

Rob Carrino - Call me - 864-485-9283.

Comment by Kevin - Greenville, SC on February 29, 2012 at 3:46am

http://www.law.cornell.edu/uscode/search/display.html?terms=loss%25...

http://www.law.cornell.edu/uscode/search/display.html?terms=loss%25...

Comment by Kevin - Greenville, SC on February 29, 2012 at 3:39am

It is my understanding that if the Borrower meets the eligibility criteria they are required to offer the PFS option prior to Foreclosure.  FHA Loss Mitigation is Federally Mandated.

Comment by Robert A. Carrino on February 29, 2012 at 3:38am

thanks kevin.  Are the servicers compelled to allow the homeowner the 120 days or is that up to their discretion?  Especially in an impending auction situation

Comment by Kevin - Greenville, SC on February 29, 2012 at 3:29am

No Servicer's that I am aware of use the Application to Participate.  This form is no longer required.

Comment by Robert A. Carrino on February 29, 2012 at 3:27am

starting to do a lot of FHA short sales now and working through the learning curve. I am understanding the framework however my question is: Can a seller go directly to HUD and submit the form to participate or do they have to go through servicer? Some like Wells, CITI, BOA are great at postponing auctions and allowing the 120 days.  Some (like Suntrust) not so good and I am  trying to find a way to deal with.  Suntrust has so many loans in my patch and so challenging to deal with....  Any advice on ways to get the approval to participate would be appreciated.

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