Frank Biganski
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  • Newport News, VA
  • United States
  • Virginia
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Frank Biganski's Discussions

FHA Short Sale of Primary Residence but Owns a Lot

Started this discussion. Last reply by Bryant Tutas Jul 8, 2016. 1 Reply

Hey folks,I have a potential FHA short sale where the borrower(s) qualify for the FHA preforeclosure sale... the wife has been out of work for years now, income reduced, upside down in their…Continue

FHA to Pay $4,500 to 2nd but Needs HUD to Reflect What Happens to $2k Balance?

Started this discussion. Last reply by Frank Biganski Jan 17, 2016. 5 Replies

Hello all,This is a new one on me.  Nationstar provided the FHA ATP letter, and I just received the "letter of offer acceptance" a few days ago.I provided the payoff statement for second mortgage to…Continue

HUD FORMS OUT TODAY OCT 3 - NEW CLOSING DISCLOSURE STARTS OCT 6

Started this discussion. Last reply by Neil L. Jan 19, 2016. 2 Replies

Does anyone know where we can get a fillable PDF of these new forms that need to be used starting Monday October 6, 2015. NationStar was nice enough to email send out an email with instructions, but…Continue

VA Short Sale That's NOT Arm's Length?

Started this discussion. Last reply by Brian Avery Mar 30, 2015. 4 Replies

Has anyone ever seen a lender agree to a short sale where the buyer is related to the seller.The Purchase Agreement states the buyer is going to live in the property as their primary residence, and…Continue

 

Frank Biganski's Page

Latest Activity

Frank Biganski joined Wendy Rulnick's group
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Green Tree / Ditech

All about Green Tree short sales.See More
Mar 14
Bryant Tutas replied to Frank Biganski's discussion FHA Short Sale of Primary Residence but Owns a Lot
"I don't think the land will be an issue. Certainly worth submitting."
Jul 8, 2016
Frank Biganski commented on Stephanie Lim's group FHA - HUD Short Sales
"Thanks Brett. It's not free & clear but I'm having him pay for a title search to see if it's attached to his primary residence. I remember in 2008, it was attached as he borrowed $60,000 in equity from the land to purchase his…"
Jun 21, 2016
Frank Biganski posted a discussion

FHA Short Sale of Primary Residence but Owns a Lot

Hey folks,I have a potential FHA short sale where the borrower(s) qualify for the FHA preforeclosure sale... the wife has been out of work for years now, income reduced, upside down in their mortgage.However, the borrower also owns a parcel of land that is zoned general industrial and is tax assessed at $175,000. The 1/2 acre lot is likely worth a lot less due to the fact it used to be zoned residential and is now located next to an oil refinery.Anyway, in your experience, do you think the…See More
Jun 20, 2016
Frank Biganski commented on Stephanie Lim's group FHA - HUD Short Sales
"Hey folks, I have a potential FHA short sale where the borrower(s) would qualify for the preforeclosure sale. They are upside down in their mortgage, the wife cannot get work for years now, and income has been reduced to the point where even their…"
Jun 20, 2016
Frank Biganski replied to Kathi's discussion Closing disclosure in the group Florida Short Sales
"This is where I downloaded the ALTA, available in many different formats and also for both seller & buyer sides too! http://www.alta.org/cfpb/documents.cfm Frank"
Jun 11, 2016
Frank Biganski joined Wendy Rulnick's group
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Florida Short Sales

Information relevent to the State of Florida, and how short sales may be specifically affected by Florida Laws. Florida short sale news.See More
Jun 11, 2016
Frank Biganski joined Bryant Tutas's group
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USDA Rural Housing Loans

Here's information to help with USDA short salesSee More
Jun 5, 2016
Neil L. replied to Frank Biganski's discussion HUD FORMS OUT TODAY OCT 3 - NEW CLOSING DISCLOSURE STARTS OCT 6
"a good alternative that seems to satisfy short sale lenders: http://www.alta.org/cfpb/documents.cfm"
Jan 19, 2016
Frank Biganski replied to Frank Biganski's discussion FHA to Pay $4,500 to 2nd but Needs HUD to Reflect What Happens to $2k Balance?
"Hello all,I need to post a follow up to my original question, to help anyone else who may run into any weird delays with Nationstar or any other "file negotiator."After wasting two months time, waiting weeks for a reply through Equator…"
Jan 17, 2016
Frank Biganski replied to Frank Biganski's discussion FHA to Pay $4,500 to 2nd but Needs HUD to Reflect What Happens to $2k Balance?
"Wow... thanks Brett!   I sincerely appreciate the insight and will post the end result in the future. Frank"
Nov 9, 2015
Brett Goldsmith replied to Frank Biganski's discussion FHA to Pay $4,500 to 2nd but Needs HUD to Reflect What Happens to $2k Balance?
"It's a little tough to explain what needs to be done here. Pretty much they want to see how the gap between what is owed on the 2nd and what they are willing to give is going to be covered in order to move forward with the PFS program. This can…"
Nov 6, 2015
Frank Biganski replied to Frank Biganski's discussion FHA to Pay $4,500 to 2nd but Needs HUD to Reflect What Happens to $2k Balance?
"Hi Brett, It's been a weird catch 22 because I have to guess what the junior lien holder might accept to release the 2nd, as that amount needed to be placed in the HUD for FHA review. At the same time, the 2nd is just beginning to process the…"
Nov 6, 2015
Brett Goldsmith replied to Frank Biganski's discussion FHA to Pay $4,500 to 2nd but Needs HUD to Reflect What Happens to $2k Balance?
"Due it being a FHA loan they want to see how the subordinate lien is going to be settled and if it is accordance with HUD guidelines prior to moving forward with the review. How much is the 2nd willing to…"
Nov 5, 2015
Frank Biganski posted a discussion

FHA to Pay $4,500 to 2nd but Needs HUD to Reflect What Happens to $2k Balance?

Hello all,This is a new one on me.  Nationstar provided the FHA ATP letter, and I just received the "letter of offer acceptance" a few days ago.I provided the payoff statement for second mortgage to Nationstar with the pre-HUD, and Nationstar said "the HUD will need to reflect who will pay the remainder of the lien."Nationstar says they will pay $4,500.00 of the second lien, and that's $2,500 more than I originally asked for.The $2,300 deficiency will likely be waived by the second, but the…See More
Nov 4, 2015
Jeffrey W Wolff replied to Frank Biganski's discussion HUD FORMS OUT TODAY OCT 3 - NEW CLOSING DISCLOSURE STARTS OCT 6
"I am trying to gain access to this as well."
Oct 7, 2015

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Frank
Last Name
Biganski
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State
Virginia
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Newport News

Frank Biganski's Blog

VA Compromise Sale with Junior Lien Converted to Personal Loan, but...

Posted on June 23, 2015 at 2:34pm 3 Comments

Hello all,



I have a VA short sale, Wells Fargo first lien holder and CitiFinancial holding second.  Wells Fargo already appraised the property, so I know the minimum net amount Wells wants to receive at closing.



In order for Citi to release the second, Citi wants the seller to pay $1,000 "good faith deposit" at…

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