Comment

Comment by Michael Schneider on October 7, 2010 at 5:38am

Servicers do vary in time they take to review/approved into PFS.
The Servicer can "drag their feet" reviewing for the ATP, and I see no requirement on the time for review for approval to PFS in ML 08-43.
So, at least twice now, I've had the Servicer take so long that I have the offer prior to approval to ATP.

Comment by John Edelman on October 7, 2010 at 5:23am

Terry,

I do quite a few FHA short sales and have never had a problem getting the appraisal ordered before an offer was received. Let whoever you are talking with know that you are trying to get the property into the PFS program. What servicers are you having problems with?

Comment by Evelyn Santiago on October 1, 2010 at 5:39am

Thanks Michael - very true - at this point they can't get a grasp of what is actually going on in the market place let alone go after a small homeonwer like this. Thanks for anwering.

Comment by Michael Schneider on October 1, 2010 at 4:18am

Generally, non-negotiatable with Fannie, in my experience. But, really, it is so important? Does anyone think that Fannie will pursue, or that Fannie will sell the note? I 've asked colleagues on this, and the answer I get back is that Fannie is protecting themselves against a possible fraud.
You could ask to discuss terms of a settlement, in addition to release. Or make an offer for settlement.

Comment by Evelyn Santiago on October 1, 2010 at 3:49am

I have a Fannie Mae short sale being serviced by Bank of America and the negotiator is telling me that the deficiency verbiage will not be able to remove from the approval letter even after the homeowner is making a contribution to get the short sale approved. This is a small deal - $67K - Any recommendations on how I can negotiate this out.

Comment by Michael Schneider on September 30, 2010 at 10:29am

No need. You want to follow the FHA Preforeclosure Sale program.
Much better than HAFA.

Comment by Jim Stewart on September 30, 2010 at 10:28am

Wendy, No, you must go through the PFS (Pre-Foreclosure Sale) program. It's similar to HAFA in many ways though-- They will do an actual appraisal of the home, tell you what to price it at and could potentially give the seller up to $1500 of moving money, depending on the situation. I believe they also forgive the deficiency in all cases. Go to http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/08-... for full guidelines.

Comment by Wendy Smith on September 30, 2010 at 10:20am

Hard to believe but I have my first FHA short sale - this Group is absolutely the best for info, etc. thanks! question: can I still try to put this through HAFA?

Comment by Jim Stewart on September 24, 2010 at 9:16am

Michael, you'd have to check the HUD guidelines. Here's a link to the Microsoft Word versio of the document: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/08-...

Comment by Michael Schneider on September 24, 2010 at 7:34am

Dealing with BB&T.
They tell me it takes at least 60 days to review a PFS application.
Is there a HUD requirement for length of time to review a PFS application?

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