Comment

Comment by Short Sale Superstars LLC on April 13, 2016 at 7:45am

@jason this is happening quite often now. I've seen it happen 3 times within the last 2 months. HUD is closing out short sales on extremely delinquent accounts. I believe it is 3years+

[email protected]

310-564-6389

www.ishortsalenow.com

Comment by Jason Sanseverino on April 13, 2016 at 7:39am

I have a Wells Fargo FHA short sale where the loan is about 6 years past due. 
Our short sale package was processed with Wells Fargo - an Appraisal was completed - an ATP was issued (which was a surprise to me due to the delinquency) and we have an offer that's $20k above the ATP value.

Wells Fargo told me that HUD denied a variance to extend the appraisal (not sure why they needed an extension) and they shut down the short sale file - even though the ATP wasn't expired.   

I escalated this file with Novad and HUD. HUD notified me that they refuse to proceed with a short sale on this home due to the extreme delinquency on the loan.

In 10 years of processing short sale - I have never seen this occur.

Has anyone encountered this? Any suggestions?

Thanks!

Comment by Brenda Houghton on September 15, 2015 at 8:10am

FHA PFS Allowable Fees

HOA fees are allowable fees to be paid from seller's proceeds per HUD Preforeclosure Sale rules. The sellers would also be required to use their $3000 incentive to pay a part of the HOA fees. The remaining amount HUD will pay is completely dependent upon the minimum net required in the Approval to Participate letter, as Brett said. The key to making this deal work is to negotiate with the HOA to get them to reduce the amount owed.

Comment by Short Sale Superstars LLC on September 15, 2015 at 7:41am

@bill it depends likely on what the NET to the mortgage servicer is if the note is HUD backed.  If it's below 88% they may not contribute to the delinquent HOA Dues unless if it's a lien. Has the HOA placed a lien on the property? If it's not a lien and it exceeds 88% they may contribute towards the delinquent HOA dues. It's not so cut and dry for these type of scenarios unless if it's a lien it would likely be $1,500...

I hope this helps and call me anytime at 888 559 5956.

[email protected]

310-564-6389

www.ishortsalenow.com

Comment by Bill Garrett on September 15, 2015 at 7:33am

CONDO DUES & FEES.  I have an FHA seller who owes $20,000 to the condo association, accumulated over several years in unpaid dues and fees.  How much of that can we expect the SS lender/FHA/HUD to cover?  Thanks.

Comment by Tyra General on July 22, 2015 at 10:52am

Hi All. I have a short with Flagstar on the 1st and Regions (in Recovery) on the 2nd. Regions will release the lien for $4500 (amount that's being requested from the 1st) and then setup a payment plan for the remainder of the balance (20%). 

Does anyone anticipate challenges with FHA/Flagstar accepting a settlement that includes a payment plan after settlement? 

Also do you think the 2nd stands to gain anything if the home goes into foreclosure? I'm asking because it is in the recovery department and has been discharged, but they only want to settle for 20% of the balance which is at about $11k. I didn't want to overlook any reason why they may prefer that my client go into foreclosure or declare bankruptcy. 

Your feedback is greatly appreciated. 

Comment by Jeffrey W Wolff on July 13, 2015 at 7:18am

Thanks guys.  I will let you know what happens.

Comment by Kevin - Greenville, SC on July 13, 2015 at 7:04am

this may prove helpful - http://www.mfy.org/wp-content/uploads/FHA-Waterfall-Worksheet-Users...

Comment by Jeffrey W Wolff on July 13, 2015 at 6:48am

Thanks for that insight.  She is no longer making payments.  She received the loan based on additional monthly income from child support payment which is no longer valid.  So her income has dropped by $1300/month and her expenses have gone up as well.

Comment by Kevin - Greenville, SC on July 13, 2015 at 6:46am

I agree. If your client is offered a mod they generally must take it. It's up to the homeowner to decide what to do after that.

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