Comment

Comment by Stephanie Summers on May 15, 2013 at 4:43am

I have a FHA/HUD SS with BOA. Three years ago the sellers tried to SS with another Realtor and received the ATP. Pretty soon after that the Realtor went inactive and left no one in charge of the file (ahem, broker) and nothing ever happened with their file. Fast forward 2 years and I list the property and BOA opens file/closes the file because the net isn't the same...but neither is the market, it's down. I argue for another valuation and they said no. Gradually as the market climbs I get an offer that nets the amount they need, submit and wait. Then BOA automatically closes it again at closing review because it's past the ATP deadlines. Today: Our market is hot enough I can get them MORE than the previous net required but I'm being told they won't do anything because it didn't close within the ATP deadline. Any one have contacts I can escalate this issue with? My contact at HUD is out of the office indefinitely. I feel badly that my clients may go to foreclosure because an agent didn't do her job!

Comment by Kevin - Greenville, SC on April 29, 2013 at 7:09am

Anna,

The Pre-Foreclosure Sale (PFS) option allows mortgagors in default (resulting from an adverse and unavoidable financial situation) to sell their home at FMV and use the sale proceeds to satisfy the mortgage debt even if the proceeds are less than the amount owed.

Source - Mortgagee Letter 2008-43

Comment by Anna Parker on April 29, 2013 at 6:42am

Can any one point me in the direction of documentation showing that FHA/HUD waives deficiency judgments for a closed SS? Thank all!

Comment by Rachael Babinchak on April 26, 2013 at 7:33am

DESPERATION!!!!!  Does anyone have a GREAT contact that can escalate to FHA direct (BAC SS)?  The complex issue though is I'm the BUYER'S AGENT.  The LA is afraid of his own shadow and he will not escalate to FHA...we're at the end, waiting on a variance, but for 2+ weeks there's been lip service and the same flipping update, no confirmation it's in or coming or what!  He doesn't ask for managers or ask the critical questions.   How can I escalate as a BA?  I already escalated within BAC and that's how we got to a closer.

Comment by Kevin - Greenville, SC on April 25, 2013 at 6:47pm

Question 4: Must a Partial Claim be deducted from the Net Proceeds of a Preforeclosure Sale?

Answer: Yes, when using the Preforeclosure Sale Program after a Partial Claim was provided on an earlier default, the Lender must include the Partial Claim amount when calculating total indebtedness for the purpose of a Preforeclosure Sale.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sf...

Comment by Kevin - Greenville, SC on April 25, 2013 at 11:17am

Lisa, the PC must be paid in full.

Comment by Lisa Helweg on April 24, 2013 at 6:51am

What do I need to know about processing a FHA PFS sale when there is a Partial Claim in addition to the 1st mortgage?  This property is scheduled for Sheriff's Sale on 05/17 and we just received an offer.  I would like to know exactly what we are getting into to determine whether it is worth everyone's time and effort.  Thanks!

Comment by Kathleen Lordbock on April 18, 2013 at 12:43pm

I am certainly not aware of any incentive on a FHA/HUD PFS sale other than the $1000 to start and moving down to $750. That and the fact that the sellers get a non-deficiency and get to move on gracefully. That is certainly worth something!

Comment by Thom Colby CA Brkr 888-391-5245 on April 18, 2013 at 12:30pm

Brenda and Kevin -  Thanks for the info.  The Borrower (supposedly) has a letter from Chase stating she will receive $3,500 in relocation but of course she can no longer find this letter.....  Best,

Comment by Brenda Houghton on April 18, 2013 at 12:16pm

Kevin and Thom, I've done a couple of Chase FHA short sales recently and am currently involved in another.  Each time I ask about any other programs for which my sellers may qualify.  Every time I have been told that they qualify only for the FHA/HUD Seller Incentive of $750 - $1000.  I believe the HUD PFS guidelines do not allow further incentives, but I'd have to check. 

I think Thom may have been misinformed by a poorly trained associate. 

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