Attempted to purchase a home in Indiana for 180k. At closing a lien came up due to HAMP MODIFICATION. Sellers under water on house by 60 K. We had our own bank appraisal done which came back at 183k. Our offé on home was 180k. Seller accepted offer; however did not know about HAMP Mod rule to keep house 10 Yrs without paying back part of modification if house was sold. Long story short seller decided to short sale, Wells Fargo I'd short sale. They have our offer but our loan already expired once as we paid for extension and will expire Feb 18th 2018 again. Wells ordered BPO awaiting results. Can anyone e in Indiana help us or maybe provide some names numbers to escalate this matter so we might close by Feb 18th 2018? Is it possible? Title work done, our loan is ready to go just wait on WF but it seems they work at snails pace and we never talk to the same person twice. Our relator is representing us and is the listing agent. Any help is very much appreciated.

Views: 141

Replies to This Discussion

.
Hi Thom, any advice you might share?

You have a Realtor representing you so we are not allowed to interfere in your transaction without your Realtor's permission. I can say that FHA short sales take longer than most other types of short sales and to hope for short sale approval within a time frame that would allow a borrower to close a loan to in fewer than 30 days seems incredibly optimistic to me. Some FHA short sales can take 3 to 6 months to untangle, especially those in previous loan modifications. They tend to get stuck in the waterfall, but perhaps your agent is already aware and taking steps to assist. You should take your concerns to your agent and your lender and maybe even the title company can assist with questions. Good luck to you.

Our relator would welcome any assistance in this matter.
Is there a 15-16 day waiting period on FHA short sale homes, before you can submit an offer or is this just a Wells Fargo rule? Or Wells Fargo representative is telling our relator this information.

This is a FHA rule that changed last fall. Attached is the rule.

Attachments:
Belinda, can you email me the FHA rule I don't see anything attached. [email protected]

RSS

Members

© 2018   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************