"They can not have a refund reflected on the HUD. If there is an excess of funds you are welcome to do a principle reduction. This file is an FHA file and
approved by HUD. We have to follow HUD guidelines. There is no room for
negotiation. Thanks, Michael D. Sander"
3) Where are those guidelines?I have read every published letter, note, memo and PFS guideline I can find from FHA, HUD and Wells Fargo. Now, I understand if it were a SELLER refund or PAID by the Seller....but that is not the case here. And wouldn't it be fraud if they failed to refund her float fee when the rate went down?
The only recourse I have is to publish these INSANE rules that continue to make helping homeowners avoid foreclosure so frustrating. I only hope someone with the power to HELP will read this...
It's exactly like playing with a schoolyard bully...if they are unhappy, they just change the rules!
Keep fighting!
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You can resubmit a corrected HUD. If the float fee is a killer for the deal, consult your closer/broker/agent/ attorney and have them figure out the proper way to expense the excess, or eliminate it.
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