Comment

Comment by Brigitte Powell on September 22, 2010 at 10:56am

Jennifer, Midland can do anything they want. It's their choice don't forget. I know that sounds harsh, but those are the facts. You are at their mercy. The only help you can really get is from the servicer (Midland).

Comment by Jennifer Sperlak on September 22, 2010 at 10:47am

I honestly don't know what's going on any more. Midland was basically playing games and along the way they must have convinced HUD of something that was not the case. This is the 2nd attorney's office I have worked with and they can't seem to get any straight answers from Midland. Midland even did a financial review with me and determined that I was elegible, said they were ordering the appraisal and then 2 weeks later they come up with a new excuse. You are correct in that they have my 09 & 08 tax returns and can plainly see there is no income coming in. No I can not rent it, I stopped paying in Jan. I am not going to take the hit on my credit just to turn around and try to rent it out. I haven't endured this for the last 6-8 months just to change my mind now. I am just asking thinks this sounds a little ridiculous. I've read all the PFS Program guidelines and it seems as though I can fall into the exception made when the property is not owner occupied, because I moved to another state due to a job transfer and I did try selling it several times over the past 3.5 years. my work e-mail address is [email protected] if anyone can offer any help. I think Midland has mishandled the entire process since the first contract was signed in March.

Comment by Benjamin Campos on September 22, 2010 at 10:04am

I dont understand why would they kick it back .. When you submit a short sale packet your tax returns are included. All you have to say that you never used this property as rental property because it is not in your taxes. They shouldn't question at all after that. Maybe whoever is helping you doesn't know what they are doing. I do short sales all the time for people who use the property for investment. As long as you can prove that you cannot make payment they should move forward with this. Find an experience Realtor who specializes in short sales ...

Comment by Brigitte Powell on September 22, 2010 at 9:57am

Can you rent it out for as much as you are paying in monthly mortgage payments?
Deed in lieu?

Comment by Alan Remigio on September 22, 2010 at 9:46am

Jennifer,
You have choices. Pay the arrearage. Ask for a forebearance. Walk away. Request a loan mod (you may not qualify for HAFA, however the bank holding the note may want to provide their own loan mod. Do a "subject to" sale or do a lease purchase. There could also be a note purchase involved here that may get you off the hook.Email me at [email protected] and I will share some ideas with you.

Comment by Jim Stewart on September 22, 2010 at 9:17am

Jennifer, my guess is the problem is that you took an FHA loan and no longer live in the property. I don't think it matters that it's never been "rented". It's "non-owner-occupied" and that's what counts. I think FHA is hard core about that.

Comment by Brigitte Powell on September 22, 2010 at 9:09am

Jennifer Sperlack....Jennifer :-) you gave them way too much information and now they are imploding. They can do and believe whatever they want, but it is obvious that they think they can get more money for it by letting it go to foreclosure. Did you get a 100% and is there a Mortgage Insurance Company involved? So what if you rented it out? You got a job transfer you were making the payments.....Life happens! There is a reason they want to go to foreclosure and I doubt it is the fact that it was a rental....so what?

Comment by Brigitte Powell on September 1, 2010 at 4:43am

I suppose it must be different for a VA loan. I asked for it but received no response.

Comment by Michael Schneider on September 1, 2010 at 4:40am

Kathleen,
Yes, I have received an FHA/PFS ATP from Wells.
Appraised value and required net both supplied.
Numbers were fair and reasonable.

Comment by Brigitte Powell on September 1, 2010 at 4:17am

Kathleen, I agree. I have a VA right now with Wells, and they did an appraisal, but have not suggested anything, so I am reducing until I get a hit and will then go from there.

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