FHA short sale - Variance Rejected - need escalation # at FHA

Can anybody provide an escalation contact at FHA? Since we received the ATP and minimum net of $264K (our purchase price is $300K), the well at subject property tested dry, and there is no other water source. Buyer is willing to stay in but at a purchase price of $250,000. Remarketing this property would likely yield $180K at the very most, and would not be financeable without water. I need someone who will listen to reason. Please help if you can! Thanks!

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Permalink Reply by Bryant Tutas on January 5, 2013 at 1:32am

FHA National Servicing Center 

(877) 622-8525 Customer Service

(469) 674-4451 Fax

[email protected]

301 NW 6th Street, Suite 200
Oklahoma City, OK 73102
National Servicing Center:

Permalink Reply by Noel Crider on January 5, 2013 at 6:15am
Thanks Bryan.
Permalink Reply by Bryant Tutas on January 5, 2013 at 11:23am

I escalate to the servicer first. If that doesn't work I have the borrower contact HUD. They will be assigned a case worker. It happens much faster when the borrower is involved.

Permalink Reply by Noel Crider on January 5, 2013 at 1:59pm

Yes, I have already escalated to Wells Fargo and received the denial from them. They just keep repeating, "bring us an offer that meets the investor's minimum net," and if I can't, that the investor will take the property back deed in lieu. They are foolish to think they will ever get close to what the current buyer has offered. The property has NO WATER for goodness sake! 

Thank you both for the help. I will call FHA on Monday and let you know how it goes. I am not one to give up. In fact, I have not had a short sale NOT close in my 4 years of doing them. This forum has helped me close two very difficult files recently, and I really appreciate everyone here.

Permalink Reply by Smitty on January 6, 2013 at 4:35am

This may be not possible, but I believe the seller is entitled to a copy of the appraisal for an FHA short sale.  Why don't you get a copy, call the appraiser and have him recertify and send in the appraisal with the new info about the well? 

Bryant correct me if I'm wrong.  I have in the back of my mind FHA short sale sellers can get a copy of their appraisals, although I've never attempted it.  FHA short sales are only about 15-18% of our overall short sale business.

Permalink Reply by Noel Crider on January 7, 2013 at 1:45pm

Smitty, a short sale negotiator I work with says that the seller is not entitled to a copy of the appraisal. Thanks for your input...I really appreciate all the ideas!

Permalink Reply by Smitty on January 8, 2013 at 9:04am
  • Provide a copy of the appraisal to the homeowner, sales agent, or HUD, upon request. 

    portal.hud.gov/hudportal/documents/huddoc?id=DOC...doc

    I think you need a new short sale negotiator.  I don't believe that information is accurate at all. Please see the HUD link attached and scroll to page 8
Permalink Reply by Noel Crider on January 7, 2013 at 1:44pm

I spoke to HUD today and got what I hope is good advice. Please chime in if you will. I was told that we will need to resubmit the short sale package to Wells Fargo in order to reapply for loss mitigation which will trigger them to order a new appraisal. The good thing is I now have a name and number of someone at HUD who is interested in helping, and she has said to call her if I get resistance from Wells Fargo.

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