Comment

Comment by Celeste ODea on August 15, 2011 at 11:30am

So if the property can't sell at the HUD appraised value, then it's automatically a DIL or foreclosure?  The appraisal is good for 120 days, yet we have to sell it in 90 days.  Seems a bit harsh. Will they even negotiate a lower sales price?  $290,000 appraisale value; contract price $245,000.  Are we dead in the water with this?

Comment by Jim Stewart on August 8, 2011 at 7:21am

I'm sending him an email at this very moment but I've sent him a request for help on this file before and never even got a response.

Comment by John Edelman on August 8, 2011 at 7:15am

Jim - send Darrell Powell at HUD and ask him to help.  He should be able to straighten it out for you.  He has been very helpful to me many times.

Comment by Jim Stewart on August 8, 2011 at 7:06am

Ok, superstars, I need help in escalating a short sale request with Wells Fargo.  It's a very long story but I'll shorten it to this: This short sale has been declined multiple times because of title issues.  These issues were rectified in May (and I have recorded proof). WFC now says a foreclosure date has been set for 8/26 even though there are still "title issues".  I have an offer on the house but WFC is saying that FHA denied the short sale request Friday because of the supposed title issues.  My seller called the short sale department and was told that I have been lying to her. Supposedly FHA is pulling the strings here but no one will let me talk to them to figure it out.  I need help figuring out whom to call to get this settled.  Can anybody help??  Thank you!!

Comment by Michael Schneider on August 6, 2011 at 4:49am

@Ginny Agree with Bryant.  What matters., I tinik, is the appraised value and your evaluation of the realsonableness of achieving 84% net-proceeds.

Also, not sure this does violate FHA guidelines, actually.  I have a current file, 16+ months delinquent, where the Servicer stipulated "ATP granted upon receipt of offer", because of the delinquency level.  The Chase negotiator was excellent in all ways, and extremely helpful, securing needed variance.  The stipulation was no barrier to success, and I'm thinking he is probably right on this.

@Kevin L is our local expert on these guidelines, I think.  What do you think Kevin?

Comment by Bryant Tutas on August 5, 2011 at 1:49pm

Ginny. Why not just find a buyer? Does the ATP really make a difference at this point?

Comment by Ginny Risley on August 5, 2011 at 1:41pm

Help! Last FHA short sale with BofA file was closed when no offers came in and ATP had expired. Started all over again with new short sale and the new BofA negotiator has had appraisal done but refuses to go forward (and issue a new ATP with the new net required) until I send in a signed contract.  I know this is contrary to the regulations and have already "escalated" through BofA's Twitter page (for real! I reached a mortgage servicing team manager-short sale support at BofA through twitter @BofA_Help and they got back to me immediately!)
 but he STILL won't issue an ATP. To whom can I escalate next?

Comment by Mike Sher on August 5, 2011 at 8:55am

Has anyone got a FHA short sale through during redemption.  I have a short sale with US bank and everyday they change their mind.  First they say they can and then they say they can not.  Please advise.

Comment by Connie Di on August 1, 2011 at 1:30am

Terry can you tell me, did you list the house first, or wait for the negotiator to give you a price?  How long did it take total to get a negotiator assigned? Any numbers for me to try.  I have been waiting a month for a response on a PFS after submitting a short sale packet. Per HUD, you must be accepted into the program and the appraisal done before listing.  Every contact I get at Chase wants the house on the market and an offer before they will do anything.  Is this what you found as well?

Comment by Terry Parrish on July 31, 2011 at 1:31pm

Just closed an FHA/HUD short sale with Chase.  Their processing went well, very responsive and once it was assigned to the Negotiator he ordered the appraisal right away and we had an approval letter a few weeks after the appraisal.  He called ME weekly to keep me informed.  The team I worked with at Chase was professional and organized!  Kudos to them.  Wish they all went this smoothly. 

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