Working with Flagstar Bank - Loan is FHA - Flagstar will not allow or initiate a preforeclosure sale (PFS)UNLESS seller applies for and is denied for a loan mod. Any work-around on this? BOA and other lenders Ive worked with havent required this before. I Dont see anything in the PFS rules that staes the home owner must apply for a loan mod first. Any Insight would be helpful.
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Yes, The Loan must be reviewed for retention options prior to acceptance into the PFS Program.
It actually is a HUD Guideline. I was just in Oklahoma City last week in their training.
Thanks Kevin - 100% appreciated!!!!!!!
Question 2 - What is the priority order that Lenders must follow when applying HUD's Loss Mitigation Home Retention Options?
Answer - Mortgagee 2009-23, page 3, states HUD's Loss Mitigation Home Retention Options are to be reviewed in the following order: Special Forbearance, Trial Payment Plan, Loan Modification, Partial Claim and FHA's Home Affordable Modification (HAMP).
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/nsc/faqgnlm
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