Scott Fain
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Bank of America's new eligibility requirement

Started this discussion. Last reply by Tracie Norman Oct 8, 2013. 1 Reply

The new eligibility requirement for BOAs FHA short sale involves a Deficit Income Test; where you subtract monthly expenses from net monthly income. I’m assuming that a negative result of the DIT…Continue

SSI Income Question

Started this discussion. Last reply by Scott Fain Sep 16, 2013. 12 Replies

I have a client who receives a disability check that comes in for her grandson, on which she is the payee. Does she need to declare this income for a short sale?Continue

From Short Sale to Deed-in-lieu Question

Started this discussion. Last reply by Harry Clay Jan 8, 2012. 2 Replies

I just had Chase decline a short sale of mine citing one of the reasons being that the borrower was not currently behind on payments. My question is; moving forward with a deed-in-lieu, wouldn't this…Continue

 

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Latest Activity

Tracie Norman replied to Scott Fain's discussion Bank of America's new eligibility requirement
"That's not a new BofA policy, it's an FHA policy that just went into effect.  FHA has always required a negative DIT in order to qualify.  The new rules allow servicemembers to not have to meet the DIT test if if they received a…"
Oct 8, 2013
Scott Fain posted a discussion

Bank of America's new eligibility requirement

The new eligibility requirement for BOAs FHA short sale involves a Deficit Income Test; where you subtract monthly expenses from net monthly income. I’m assuming that a negative result of the DIT means the borrower is most likely qualified, but is there a minimum amount that would allow a borrower to still be eligible to move forward?See More
Oct 8, 2013
Scott Fain replied to Scott Fain's discussion SSI Income Question
"I would like to offer thanks to everyone who posted. I feel much more equipped to help my seller in this instance thanks to all of your advice! "
Sep 16, 2013
William J Archambault Jr replied to Scott Fain's discussion SSI Income Question
"Scott, A better question is what if I don’t report it? You have to list all bank accounts and provide 6o days statements, if the check goes into an account you’re going to have to explain it. If he has special needs that requiring you to…"
Sep 15, 2013
Woody Edwards replied to Scott Fain's discussion SSI Income Question
"This is definitely an IRS question, but you stand a better chance of getting a decent answer here!  I'm not an accountant, but my question to you is, "Whose social security # is on the account"?  More than likely, it is…"
Sep 15, 2013
Jennifer A. Steele, SFR replied to Scott Fain's discussion SSI Income Question
"As a short sale paralegal for a law firm my answer to you would be ask an attorney.  Making this determination as a realtor puts you in a situation where one could argue you are practicing law by making legal decisions.  If short sale gets…"
Sep 15, 2013
Scott Fain replied to Scott Fain's discussion SSI Income Question
"Thanks for the information Ron. I really appreciate it. "
Sep 13, 2013
Jeff Payne replied to Scott Fain's discussion SSI Income Question
"Yes, does that work in loan underwriting too or just in short sale evaluations?"
Sep 13, 2013
Jeff Payne replied to Scott Fain's discussion SSI Income Question
"Ron what do you mean by gross it up?"
Sep 13, 2013
Scott Fain posted a discussion

SSI Income Question

I have a client who receives a disability check that comes in for her grandson, on which she is the payee. Does she need to declare this income for a short sale?See More
Sep 12, 2013
Kevin - Greenville, SC commented on Scott Fain's blog post Is this legal?
"Check with an accountant and/or an Attorney in your State."
Mar 3, 2012
Kevin - Greenville, SC commented on Scott Fain's blog post Is this legal?
"Perhaps, there are court rulings either way."
Mar 3, 2012
Scott Fain posted a blog post

Is this legal?

I'm negotiating a settlement with a 2nd lender (PNC Bank) and their offer entails the seller giving up $10K at closing, PNC will charge off the balance on the loan, they will issue a 1009 A on the balance, and they have made it clear they intend to pursue the seller for a payment plan after the closing. My Question is how can they charge off the remaining balance, sent us a 1099 and then come after us for more money? Can that even be legal?See More
Mar 2, 2012
Wendy Rulnick replied to Scott Fain's discussion From Short Sale to Deed-in-lieu Question
"Why are they moving forward with a DIL?  I'd question the negotiator further. Very often, proving imminent default will be satisfactory to the investor, even though the seller is not yet behind. Ask."
Jan 8, 2012
Scott Fain shared their discussion on Twitter
Jan 8, 2012
Scott Fain posted a discussion

From Short Sale to Deed-in-lieu Question

I just had Chase decline a short sale of mine citing one of the reasons being that the borrower was not currently behind on payments. My question is; moving forward with a deed-in-lieu, wouldn't this same issue of not being in default be a denial factor for a DIL?See More
Jan 8, 2012

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Fain
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Is this legal?

Posted on March 2, 2012 at 3:14am 2 Comments

I'm negotiating a settlement with a 2nd lender (PNC Bank) and their offer entails the seller giving up $10K at closing, PNC will charge off the balance on the loan, they will issue a 1009 A on the balance, and they have made it clear they intend to pursue the seller for a payment plan after the closing. 

My Question is how can they charge off the remaining balance, sent us a 1099 and then come after us for more money? Can that even be legal?

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