Hi everyone -
I have a pair of homeowners who have had significant income loss and want to sell their home. B of A is telling them they need to do a mod rather than a short sale - is there any direct path around this requirement and is it a true BofA FHA requirement?
Thanks!
**********************************
like buttons
Replies
2. When and how can I submit an FHA short sale?
A real estate professional cannot start an FHA short sale.
The homeowner is the only person to start the short sale
process. They may be required to be reviewed for home
retention options first. Coordinate with the homeowner to
communicate with their Customer Relationship Manager
(CRM) to begin the short sale process. The real estate
professional can assist once the Approval to Participate
(ATP) is issued and the file is in marketing stage.
3. Why is approval required for my client to participate in
an FHA sale?
The Department of Housing and Urban Development (HUD)
requires that the homeowner be determined eligible to
participate in the short sale program by validating that the
homeowner has a legitimate financial hardship and meets other
requirements.
4. Can I go right into an FHA short sale if my client has
an FHA loan?
No. HUD may require that the homeowner be reviewed for
all home retention options prior to pursuing a short sale in
order to ensure that the homeowner has considered all the
options available
https://agentresources.bankofamerica.com/content/document/ss_FHApre...
http://portal.hud.gov/hudportal/HUD?src=/program_offices/administra...
The latest letter is 2013-13 about FHA Short Sales. Here you will find a majority of your guidelines.