FHA with Flagstar
I can already tell I am fighting an uphill battle with Flagstar. After speaking with loss mitigation they pretty told me they are not interested in working with me on a short sale. This seller has a true hardship and because she did not respond to a workout offer back in September that she would not be eligible for a short sale. It was some type of forebearance and could not afford the payment. After reviewing her financials she has a pretty large deficit and not really sure what they based thier repayment plan off of but she cant afford her normal payent let along a forebearance with an increaseed payment. I explained this to loss mitigation rep and she pretty told me I am wasting my time and the house is scheduled for sheriff sale in March and there is not enough time for them to try and do a modification(120 day minimum review) and needs to be turned down before considering a short sale(another 120 days) and further states that if I try to "fudge " the numbers for her expenses that they will know and flag the file for fraud. I havent even sent them anything at this point and am outraged that she said that to me. Just wondering how some of you would handle this and where to start. I plan on submitting to Flagstar and then calling HUD and let them know what was said and how they think I should proceed. Any advice would be appreciated.
Replies to This Discussion
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Permalink Reply by Kevin - Greenville, SC on
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http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sf...
Contact Us:
U.S. Department of Housing and Urban Development
FHA National Servicing Center
301 NW 6th Street, Suite 200
Oklahoma City, OK 73102
National Servicing Center (NSC): (877) 622-8525
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Permalink Reply by Mike Rosania on
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Thanks Kevin. Should I contact them first?
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if you're not getting anywhere with Flagstar.
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Permalink Reply by Corinn on
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I've had to involve HUD on all of my Flagstar FHA files. I would send an Authorization Form to HUD to speak with them and let them know what's going...maybe they can intervene. It does seem that Flagstar is getting a bit better with their short sales, perhaps try sending your short sale packet to them. Maybe you just need to speak to someone different there! Good luck, Mike.
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Thank you. I am determined to get this one done just as a matter of principal.....
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ESCALATION PROCESS/NEXT STEPS
If you believe your mortgage should be reviewed by the Escalation Resolution team, and would like assistance on your Loss Mitigation case review, please call (800) 945-7700, Monday - Friday, 8:30 a.m. - 5 p.m. ET.
https://www.flagstar.com/personal/borrowing/home-loans/facing-finan...
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Permalink Reply by Deborah Y Wilson on
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Anytime you get resiitance on an FHA file, you can contact the FHA National Loan Servicing Center for assistance. I have had to escalate files to them before and they are very helpful. You will need to fax in your authorization first and then call them and they will open a ticket on the file. It is very helpful if you have your FHA Case number (not the loan number, but found on the closing docs from the loan), but if you do not, they can look it up for you. Keep your ticket number and call back often and they will help you. I have had several files where the lender was in refusal mode until I got the details to the FHA Loan Servicing Center and they contacted the lender and we got the deal done.
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Permalink Reply by Jim Schneider on
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Also note that letters of authorization for HUD have to be of a slightly different nature that your typical, cover-most LOA. They have to be addressed specifically to HUD and noone else, they CANNOT have the borrower's social security number on it, and they prefer the FHA case number to be on the file. See the FHA short sale group on this site.
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