Comment

Comment by Fred Shocklie on August 14, 2013 at 7:06am

Here is the FHA National Service Center number  877-622-8525 (Deval), option 1. You will need to send your third party authorization. Ask for email or fax number. Call back tomorrow, explain and ask for your case to be assigned to a HUD specialist. They will give you a ticket number...allow 48 hours for call back. If no callback, call again and they will transfer you and will give you contact info for specialist. Always ask if the specialist is closing the ticket. Some will continue to work with you and others will not and you will have to get a new ticket number. Message me if you have more questions and I will have my office manager call you.

Comment by Kylee Roe on August 14, 2013 at 7:00am

i.e. Reverse mortgage FHA/HUD backed....so need to get to HUD.

Comment by Kylee Roe on August 14, 2013 at 6:59am

Can anyone help with this...suggestions?  Reverse mortgage short sale with Champions. First they said no to contract sales price (which is higher than their appraised value), then in the 11th hour, they sent approval after I pointed this problem out. Short sale approved thru August 20th (approval rec'd the 12th), Trustee sale date is Aug. 27th. Buyer is overseas until Sept.9. I was in contact with them, asking for re-review etc., but they dragged their feet and as such, is causing this dilemma. Now, no at Champions can offer more help than "fax us a request" to delay sale. No escalation department, no manager...just the clerk on the phone. Any help?

Comment by Rachael Babinchak on July 25, 2013 at 12:57pm

HUD contacts via website:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/cfo/about/...

Comment by Kim Eisen on July 23, 2013 at 7:17pm

Last FHA SS I closed we had to have everyone sign that the seller was getting an HUD/FHA allowed moving incentive of $750.  It was put in the 500 section - Seller Incentive to (name of Seller), because a check would be cut to the seller so it reduced the amount to Seller/Bank,  That's what BOA wanted and HUD was approved.

We can argue who's paying what all day long.  Bottom line it will not affect the buyer if they agreed to a price already, and they are getting the home they want.  I'm not sure why a buyer would get out of whack about that and it's more than likely the seller is losing a lot more than than the incentive with their initial investment, closing costs, upgrades, etc over the time they've owned it (maybe not, but more than likely).

Their probably just covering their *** by having it all be transparent.

 

Comment by Kevin - Greenville, SC on July 23, 2013 at 6:41pm

Agree/Disagree. With a few exceptions (HAFA) to Seller Incentive(s) offered most are coming from the proceeds of the sale.  Hence the Buyer is actually paying them so I believe they largely have a right to know.

Comment by Stephanie Summers on July 23, 2013 at 6:14pm

Part of the problem is the servicers and the processers within the servicers who have different policies and are trained differently. The biggest frustration for me is that it takes some servicers FOREVER to review an offer after an ATP has been approved. You see the bottom line, you've approved the sale: take the offer and get the dang thing closed. My BAC ATPs expire because I cannot get a response even when I escalate.

Comment by Theresa McDonald on July 23, 2013 at 5:54pm

This is Wells Fargo - but all pretty much the same.  I just don't get it, the FHA short sale is the simplest, I think HUD really nailed the best process and the guidelines are pretty clear, it's just mind boggling that the different servicers and their terrible staff cannot get it right.  

I can see your point Joe, and it does give me pause, but since they have asked I am obliged to give my buyer the option to freak out/agree/withdraw or whatever.  Seller is not my fiduciary.  Here goes nothing!  Thanks for all the input, guys!  I wish more agents would educate themselves before taking SS listings.

Comment by Stephanie Summers on July 23, 2013 at 5:23pm

I do agree with Joe, though. It's worth escalating and seeing if there is a way around it. At BAC I haven't seen much use in escalating. I've had to do an end run to HUD almost every single time. They just don't have an incentive to do their job correctly at that place. Everytime I hear a homeowner in default has Bank of America I inwardly groan.

Comment by Melinda Speth on July 23, 2013 at 5:06pm

I'm with Joe on this one... The Seller Incentive is just that, for the Seller. This does not have to do with the Real Estate Purchase Contract, and in my opinion, is the Seller's personal financial information. I view the Short Sale Approval letter the same way... It sounds like someone is getting bad instruction from a processor who does not know what their doing. I'd escalate or use another contact if you have one!!

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