"Jim, the HUD Partial Claim Loans are typically not an issue. Just send a 3rd Party Authorization, with FHA Case number and order a payoff. The Partial Claim will be paid in full from the sale proceeds. For the most part, it is a fairly…"
"Kevin, typically the only times we can get the 84% approved is if there is an ATP. If there is an Active Foreclosure prior to the ATP, the minimum net proceeds needs to be 88%. Did you have a generic ATP or was it buyer specific? Who…"
"Dean, if the BPO and Appraisal are more than 10% apart, WF will have to go to HUD for them to determine the acceptable value. With WF, typically the acceptable sale price will be the appraised value. Sounds like WF can't give you the appraised…"
"I don't know if US Bank will check the validity of the EIN... Whichever one you use, just designate the name associated with the EIN.... They will confirm it as a "password" when you call. If you can't provide the correct number,…"
"Celeste, US Bank will take a generic 3rd Party Authorization, but will require the last 4 digits of your EIN MUST be typed on the authorization. IF they cannot easily see the EIN, they will refuse your 3rd Party. US Bank will ask for the EIN as…"
"Frank, VA does not include deficiency waiver language in their approval letters. They typically will not pursue the borrower, but do allow for the option if they find fraud or misrepresentation in the file. In all of the VA Approvals (somewhere…"
"USDA Direct Loans (where there is NO SERVICER) follows different rules and regulations. With a direct loan, we have never seen a waiver of deficiency when the approval letter is issued. Typically, about 90 days after the sale, USDA issues a demand…"
"Donna, Wells Fargo has accepted notarized "Not Me" affidavits from our sellers in the past. IF you have a WF FHA file, they will require you can clear the additional liens BEFORE moving forward with the PreForeclosure Sale process. You…"
"Hi Cat, we have completed many Streamline Short Sales. Most of the Servicers/Lenders are following the HUD/FHA guidelines with little exception. I would like to know which Servicer is "shady." How was it that the Borrower didn't…"
"Come on Kevin...They don't make mistakes like that. :)
As I said, we were very surprised it was accounted for in the net amount. I would have never guessed. Please let us know how it is supposed to be handled.
Have a great weekend…"
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