Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on October 31, 2012 at 9:12am

Insurer.

Permalink Reply by Jilly on October 31, 2012 at 9:14am

Aha... so if the loan is owned by an investor... lets say Bank of America... could it possibly qualify for the AG settlement and reduce principal or modify? 

Permalink Reply by ElizabethWeintraub00697006LyonRE on October 31, 2012 at 9:15am

Probably not. FHA is handled differently. It's its own subset.

Permalink Reply by Kevin - Greenville, SC on October 31, 2012 at 9:19am

Some BOA FHA Loans may qualify for an additional Incentive for a PFS or DIL - 

Under its terms with HUD, B of A will have to pay an independent monitor to review its modification work and report to HUD. It is also obligated to seek borrowers through database searches, letters, phone queries and visits to properties. Borrowers who fail to qualify for loan modifications, will receive from B of A $4,000 for a short sale and $7,500 for a deed-in-lieu of foreclosure.

http://www.americanbanker.com/issues/176_151/stevens-fha-bank-of-am...

Permalink Reply by Kevin - Greenville, SC on October 31, 2012 at 9:21am

http://www.consumerfinancialserviceswatch.com/2012/04/30/conflicted...

Permalink Reply by Jilly on October 31, 2012 at 9:34am

Thanks Kevin & Elizabeth!

Permalink Reply by jacqueline lee on October 31, 2012 at 1:23pm

Since when have they been paying $4000 for FHA short sale? I did a couple of BOA FHA short sale  but the sellers got only $1000 each time.

Permalink Reply by Leslie Kunkel on November 1, 2012 at 2:12am

In the past month I requested $4000 on the HUD and was denied and since BofA has delayed the process and we can't close within the 60 day window they have reduced the incentive from $1000 to $750. Nonsense!