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7-9-13 Updated Pre-Foreclosure Sale (PFS) and Deed in Lieu (DIL) of Foreclosure - Effective 10-1-13.
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FHA Contract Clause
"Sale is contingent upon the seller receiving prior written approval of Insert Name of Lender/Servicer."
FHA Listing Agreement Clause
“Seller may cancel this agreement prior to the ending date
of the listing period without advance notice to the broker, and
without payment of a commission or any other consideration if
the property is conveyed to the mortgage insurer or the mortgage
holder.” The sale completion is subject to approval (under HUD
guidelines) by the mortgagee.
Started by Noelle Battle. Last reply by Brett Goldsmith Nov 22, 2019. 5 Replies 0 Likes
Started by Neil L.. Last reply by Brett Goldsmith Oct 3, 2019. 2 Replies 0 Likes
Started by Savita Savita. Last reply by Brett Goldsmith Sep 26, 2018. 1 Reply 0 Likes
Comment
Jim,
Yes, I have been in this position. The originator, who was the mortgagee of record, assigned the mortgage, allowing us to proceed.
I believe that only the mortgagee of record can assign their mortgage. So, first, I think you need to verify who this is, via the land record or MERS or phone. Then, they need to execute the assignment.
You should be working with an attorney on this, I think.
Thanks. The seller has been out for 22 months.
I was hoping the rule had a revision, something updated - I think that rule is from 2008.
Doesn't it seem counter-productive to have foreclosure as the ONLY other option. Do you know if FHA will do a DIL in these situations?
If a property fails the vacancy/rental requirement, then the house just goes to foreclosure? I have a seller who job transferred from FL to CO and let her brother rent the house. Wells Fargo is telling me that the house must be foreclosed as FHA will not participate in a short sale. Can that be right?
Hi Kevin and Alan
Thanks! GMAC negotiator was the one who told me " That is what "I" will accept. As there are no rules, this is why I am asking. I like the idea of attaching a statement noting time on market and see where that goes.
Again, thanks, you guys are wonderful and I will let you know how it turns out!
Dawn
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