I just got a SS Listing. The load is USDA through B of A. They buyer has tried modification three times the first two were turned down. The third was taking so long that he gave up waiting and decided to move out and to go SS. I tried to start a SS in equator and it said that because it is a USDA loan it would have to be initiated by the owner by phone first.

The owner called and was told that B of A only allows SS in case of

1. Death 2. Divorce 3. Job Transfer 4. Disabled Permanently

Or if  denied a modification by the investor.

Then they told him that B of A has approved the third request for a modification and has sent it to USDA for approval.

The owner has moved and needs to get out via SS.

Is there a way to turn down the mod and go to SS?

 

 

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e-mail me if you want to discuss.

non-curable the borrower has no
realistic opportunity
to -


• replace the lost
income, or
• reduce expenses
sufficiently to meet
the loan obligation
through other
options


Pre-Foreclosure Sale
Plan.

Kevin, that was very helpful thanks. I am going to read that docs you sent the links for and will probably have some questions for you if that is ok with you. Also, do you have similar links for Fannie Mae guidelines?

Bank of America has now offered a modification which will make the monthly payment $50 more per month. My clients were planning to turn it down but BofA says that if they do they wont qualify for a short sale. I have asked the bank what the next step would be, foreclosure? BofA rep would not answer, they would only say that the mod had to be accepted. Does this mean that my client has to accept and then fall out of the program by not paying and then it can go to SS?

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