Comment

Comment by Dawn Green on March 31, 2011 at 12:50am

Hi Michael

 

Thanks so much for the insight.  I guess the issue is, our PFS initial approval  gave a three month period to perform from the beginning.  The lawyers also just want to make sure we are all set.  This is the first HUD for us all.  "Normal" SS approvals require an extension in writing for anyone to proceed (if any of this can be considered normal?).  Where this was dated a month before the four month period to begin with, we were just concerned and the communication has been sparse from the start. 

We will have a close date, hopefully by Friday, then we will proceed with the final HUD1 and other docs he is requiring - walking on faith!  LOL.

Thanks again

Dawn

Comment by Kathleen Lordbock on March 30, 2011 at 5:37pm

Thanks all for the emails and phone call- I am taking your advice and hope to post an approval received soon!!!

Comment by Kevin - Greenville, SC on March 30, 2011 at 4:36pm

Kathleen,  Contact Darrell at HUD if you are having an issue with a PFS.

 

f anyone has a problem, issue or question about the FHA PFS Program, or an FHA insured loan in general, please do not hesitate to contact me.  I work in the HUD National Servicing Center and while I will never be able to assist you all the time or even agree all the time, I will do everything in my power to make sure FHA guidelines are followed, your file is reviewed in a timely manner and if there is a variance that could be considered I will make sure it is submitted. 

 

A couple of things I've seen that I wanted to clarify:

Buyers appraisal is ALWAYS irrelevant

Rental period of 18 months does have exceptions on a case-by-case basis

HUD will consider buyer paid closing costs NEVER to exceed 6% for all buyers regardless of financing but HUD must always net at least 84% if paying concessions.  It is not in writing and never a guarantee that it will be approved.

Short Sale Negotiaton fees are NEVER allowed

 

Darrell Powell

HUD

[email protected]

 

 

Comment by John Edelman on March 30, 2011 at 4:34pm

Kathleen - I think I can help.  Shoot me an email to [email protected] and I'll explain.

Comment by Kathleen Lordbock on March 30, 2011 at 4:25pm

Wells FHA- HUD Short sale- now on 3rd person with this file and finally get a phone call after many emails checking on the status. Negotiator tells me he has not looked at it and then tells me they are countering at the full appraisal price. We are at $400 over the 88% net and now are in the 86% range so are well over that. He is asking for the buyer's highest and best- we could lose these buyers now and after hitting the net, I am really questioning how things are going. I have never had a counter when we are over the net- has anyone else?

Comment by Michael Schneider on March 30, 2011 at 4:01pm

You should consult the bible: Mortgagee Letter 2008-43.

From memory...I thought that the initial PFS marketing period was 4 months, meaning the time to get the contract.  But, in my experience FHA is quite reasonable about extending this for another 3 months.

Also, this not the approval for the sale itself.  That document does have its own Closing By date.  So, you could have an ATP for four months, then get the approval for the sale, which would have it's own expiration date.

Then, yes, it would be reasonable for the negotiator to require offer, pre-qual, closing date, and HUD1, before issuing an extension or a new approval.

(All within the ATP period.)

Comment by Dawn Green on March 30, 2011 at 9:37am

Hi There guys

 

Just checking if anyone can offer some information.  When a seller is accepted into the PFS program we are of the understanding that we have, per HUD rules, four months to close the property as long as an accepted offer is in place within three months of acceptance into the program.  I have read, and read this to death but I just want to make absolutely sure before I start with this negotiator I am dealing with who seems to want to make up his own rules.  He issued an acceptance dated 12/27 we have an accepted offer but "HE" said it must close by 3/27.  His GMAC, approval letter also stated the same and the attorneys are requesting an updated approval letter.  HE has said that "when he is told a closing date, with the final HUD1 and other docs received, then he will issue a new approval letter/date but until then the current approval is expired.......SO. If anyone has any insight into this issue or advise I would so greatly appreciate it. 

Comment by Dawn Green on March 25, 2011 at 9:41am

Hello All.  Well the saga continues.....does anyone have a contact at GMAC Rescap? My negotiator has dropped off the map and gave us a "have to close by date of 3/27" even though our PFS acceptance date was 12/27/10.  We were told that we had 4 months to get an offer accepted, done and accepted 3/1.  This gentlemen has been nothing but uncooperative from the get go and now he is not returning calls or emails to get clarification for the attorneys. 

Don't know what to do now.  Who wins?  Him or the HUD guidelines.  And on that note are we correct with the four month to close interpretation?

Thanks,

Dawn

Comment by Michael Schneider on March 22, 2011 at 5:08am

FHA Partial Claims:  These are non-interest bearing notes, subordinate liens on the property.  They are a problem, with an FHA PFS short sales, and $23K is a pretty big one.  This is basically the HUD term for a deferment (to the end of the loan).

They are included as a closing close for calculating the minimum net requirement, the 84/86/88% of appraised value.

They are serviced by a separate company, so you must request a separate payoff (the lien amount)and send the payment separately from the payoff sent to the Servicer for the FHA loan itself.  So Citi is giving you correct info, I think.

Servicer is C&L in Tulsa? But, they contract to a sub? Gogle for partial claim payoff HUD.  Details are on a HUD document. Shoot me an email if needed: [email protected]

As always, in my experience...

Perhaps Darrell can tell us if FHA generally does or does not approve variance requests for the case where the partial claim pushes the net proceeds below 84%, as is quite likely with a $23K partial claim.

Comment by Matt Newman on March 22, 2011 at 4:08am

Having big issues with two FHA short sales right now.  One with Citi has a partial claim of $23,000 back in 2009 and they want us to add that to the accepted net proceeds.  Anyone else run into this?  My research shows this should be deducted from the net proceeds but Citi is telling me otherwise.   Also, BOA has been pulling my leg on another file since October. We finally got an offer and still very unresponsive.  Been over 30-days since they claim they received all of the documents.

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