Comment

Comment by Jim Stewart on December 21, 2016 at 7:41am

I sent a request to Novad three weeks ago for a payoff amount for a 2nd lien to HUD for a forbearance. I've received no reply. Any suggestions or anybody know how long I should expect to wait?  Is there a phone number at all?  Haven't had this situation before so any guidance is appreciated.  Thanks!

Comment by Dean E Eshelman, CPA, CDPE, IRES on December 13, 2016 at 8:43am

@ Gladys If you are relying on increased household expenses you will have to provide clear and convincing documentation. -- I would say itemize expenses off of bank statements for last three months and document them. That is what FHA will look at  in addition to credit report items. Maybe show tthe increases from prior years are major items. I have seller use detailed spreadsheet to document expenses.

Comment by Thomas Turner on December 13, 2016 at 8:01am

This is exact wording from variance letter sent....They sent a DENIED response to servicer and noted that property needs to have repairs made and can have short sale /variance re applied for at that time

Justification for requesting HUD approval of this variance from customary Pre-foreclosure Sale proceed. Please allow the PFS to continue with the appraised value being less than 50% of UPB. The current appraised value of the property is $80,000 is less than the Unpaid Principal Balance $280,740.76 by an amount of $200,740.76. We are requesting permission to proceed using the appraised value. We meet required net. Home is not an active foreclosure. Appraisal completed 11/02/2016. Original ATP has never been issued. PFS is expected to close 01/ 10/2017.

I've two variances denied in past week with hud/fha telling servicer its due to property needing repairs? But, every foreclosure in the country needs repairs and I know they close as short sales everyday..... 

Any suggestions???

Comment by Gladys Nunez on December 13, 2016 at 7:17am

@Dean, I gathered as much.  We will see once I appeal.  Thank you!

Comment by Luther Fisher on December 12, 2016 at 12:23pm

Paul, do you happen to know how long it takes to get the payoff? 

Thanks

Comment by Dean E Eshelman, CPA, CDPE, IRES on December 12, 2016 at 11:10am

@Gladys Nunez will be a tough go without a hardship.

Comment by Gladys Nunez on December 12, 2016 at 10:40am

@Dean E Eshelman just rising bills and everyday living mostly.

Comment by Luther Fisher on December 12, 2016 at 10:30am

Thanks Paul, I just sent it out.

Comment by Luther Fisher on December 12, 2016 at 9:55am

I have an issue with a closing attorney. We received approval to close and there are HUD partial claims but the attorney is questioning the letter we got saying it doesn't specifically state that when the funds are received the claims are 'paid in full'. So we are at a standstill. 

I contacted the lender and they said that there is no further documentation provided. 

Any advice?

Comment by Dean E Eshelman, CPA, CDPE, IRES on December 12, 2016 at 9:20am

@Gladys Nunez. What is the hardship besides payment? Medical, relocation, job downsize etc. See Mortgagee Letter 2013-23 for Cash Flow criteria. portal.hud.gov/hudportal/documents/huddoc?id=13-23ml.pdf

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