FHA Approval to Participate Letter Valuation Too High - How to Challenge?

Hi Everyone -

I got in an FHA Approval to Participate letter in which the valuation on the property is too high.  In fact, we are listed at 15K less than the appraised value for the ATP and can barely get any showings.

Servicer (PennyMac) hasn't been helpful on asking about challenging valuation.

Anyone have luck with something like this?

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Work backwards and see if you can potentially hit a 84% NET. If getting something between 84%-88% is not feasible, you can likely open up a ticket with HUD and hopefully have another appraisal issued. Many times you can get one addition appraisal ordered, but it is not guaranteed.

[email protected]

310-564-6389

www.ishortsalenow.com

How is a ticket opened up with HUD?  I don't think minimum net is going to be doable.

???

Escalate to Novad. Ask the lender for the FHA case number then email an authorization and your issue to: [email protected]

Call them the next day and they will open a ticket.

FHA National Servicing Center 

(877) 622-8525 Customer Service

1-800-489-1733 Fax

1-866-808-5050 Fax for LOA

 

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