Replies to This Discussion

Permalink Reply by Janet Nelson on October 9, 2010 at 10:30am

In certain cases you can get a 2 month extension, after the initial 4 month marketing priod..I have done this. The bank needs to request this from HUD. This extension is discussed in the guidelines.
Best wished and good luck.

Permalink Reply by Michael Schneider on December 15, 2010 at 2:47am

I thought that the extension was '"semi-automatic".  In some cases, we just ran over the deadline, without a hitch.

I'll bet that the "no sale by end of PFS time" is going to be an increasing problem for HUD.  I have perhaps four properties were the appraisals are just too high.  And the Servicers just reject the contracts, thinking they are doing such a good job of managing!!

Permalink Reply by Kevin - Greenville, SC on December 21, 2010 at 8:12pm

depends....

 

Duration of the Pre-Foreclosure Sale Period

 

Unless an extension has been approved by NSC, mortgagees have 4 months from the date of the mortgagor’s approval to participate in the PFS Program. Mortgagees have a
pre-approved extension of 2 additional months to complete the PFS if one of the
following exists:

 

·         The mortgagee is in the Tier 1 category under the Department’s Tier Ranking System (TRS); or

 

·         There is a signed Contract of Sale, but settlement has not occurred by the end of the fourth month following the date
of the mortgagor’s approval to participate in the PFS Program.

 

Permalink Reply by Robin M. Willis on January 19, 2011 at 6:56am

Update:  Over two months had passed, but since I have an offer, BofA performed a new appraisal.  Since the offer is in the correct range they have now assigned me a new negotiator and taken the file OUT of the Deed in Lieu department in favor of a short sale.