FHA-ATP-Title Search & Release of Lien (HOA)

 

As you know Wells Fargo does a title search and so do I. The appraisal has been completed but I never got an ATP. They told me that the most they will pay is $2500 and I needed a letter from (HOA) stating that are releasing the lien of $5100. These folks don't understand how difficult HOA is to deal with .. What should I do ?? Foreclosure sale date is coming up and I was never issued an ATP ..

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Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on August 27, 2011 at 5:58am

Ask them where getting a letter from an HOA prior to the issuance of an ATP is an FHA PFS requirement.  Mortgagee Letter and page...

 

 

Permalink Reply by John Treadwell on August 27, 2011 at 7:17am
More lenders are only paying now 9 months back or in a lot of cases 2500.00.  The buyers or sellers need to come in with the balance.  I have started telling sellers now pay the HOA each month until it closes ,sometime if they are doing that the lender will pay more on the dues.   Also you can go to the HOA ,and ask for them to reduced the fees sometime they will knock off late fees ,fines etc.  Some Law office will reduced theres too if it's in collections.   Sellers should keep dues paid ,that is a personnal debit now
Permalink Reply by Benjamin Campos on August 27, 2011 at 7:40am
Thanks for the info guys .. I'm sure I can work something out with HOA and maybe get everybody involve to help pay the HOA dues.  The problem is this upcoming sale date .. If I had an ATP then I would have time to make to work it but I don't ..

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