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These loans are handled through the servicer. Just check to see how they are handling the submission.
In order for a loan to be considered for a pre-foreclosure sale, the loan
must be in default (delinquent) for more than 30 days at the time the
pre-foreclosure sale is closed.
Agency pre-approval is required for non-occupant borrowers
when it is verified that the need to vacate is related to the cause
of the default (job loss, transfer, divorce, death).
PFS is not available to borrowers who have abandoned their
mortgage obligation despite their continued ability to pay.
****Properties that have sustained serious damage (from fire, flood,
earthquake, tornado, or other man made or natural disasters) should
not be considered for PFS if the cost of repair exceeds 10 percent of
the As Repaired appraised value.
The documentation requirements for a pre-foreclosure sale differ
depending on the type of borrower.
Employee in a private or public organization
Letter from borrower outlining failure to pay/hardship
Sales contract/HUD-1 Settlement Statement, and
Year-to-date profit and loss statement
Previous year’s profit and loss statement, and
Previous year’s signed tax return.
Here's a link if you need to locate a local office.
Does anyone have any ideas on how to escalate a file that was denied by USDA?Serviced by Chase. Chase says investor denied due to borrower lack of hardship. Totally ridiculous. They refused her many…Continue