Is a FHA short sale any different with BofA?  Is it any slower or faster than a conventional?  Any way to avoid starting over when submitting a new offer?  Can't get through to the 2nd negoiator to get answers to these questions. 

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Completely different., For one it will not go through the Equator system. FHA short sales are called Pre foreclosure sales (PFS). There are specific rules and paperwork that needs to be completed. Go to the FHA group on this site and pull up the FHA Guidelines. The first thing the seller will need to do is submit the PFS Application. Once this is submitted the seller will need to call into BofA and go through about 15 minutes of what they call counseling.

After that an appraisal will be done. Soon after that BofA will send you a form telling you what they need to NET. As long as the deal you present NETs them this figure they MUST accept it. FHA PFSs are awesome.
Donna, We live an learn. I do not place FHA short sales on the market until the seller has been approved and I have been provided the HUD 90045 for pricing. From there it's a piece of cake.
Bryant, I just got a client that need to do a BofA FHA short sale but a foreclosure sale date is scheduled a week for now. Do they postpone foreclousures on FHA short sale while applying for the Pre-foreclosure Sale Process?
Myra, I just had BOA postpone a trustee sale hours before it was scheduled to happen on an FHA short sale. You're gonna need to ride them - calling everyday and stay on the phone until you get somewhere. Don't take no for an answer.
Rhonda, Thank you! Did you just have to send in the HUD-90036 only to get them to stop the trustee sale? Which number do you call? I know BofA use to have a dedicated line for FHA short sale. Also, I think I saw BofA FHA short sales can't go through Equator, is this correct?
On this one, we had an offer to purchase - just a regular old offer to purchase. We had not submitted any of the Preforeclosure Program paperwork. We were going back and forth between Recontrust (www.recontrustco.com) and BOA - just calling them both. Finally when BOA realized it was an FHA and we had the offer to purchase, they cancelled the sale and then sent us the Preforeclosure Program paperwork. It's been lightning fast since then. The appraiser called for access within 3 days. The negotiator sent a list of items she wanted and we had 10 days to get those back to her. And as per her instructions, those docs will be reviewed within 2 weeks and we will have an answer, which is coming up next week. We have been dealing with a negotiator directly - not thru Equator. I'll have to find the number that was called but I know the number for Recontrust is the customer service number on their website. Recontrust handles 16 states as far as the foreclosure sale for BOA. Check and see on the left side of their website if they handle your state. Personally, I had written this one off as another seller who had waited too late to avoid the foreclosure but I've been pleasantly surprised by BOA.
Hey Myra,

It's Jim. FHA can not go through equator. Government loans are not allowed to go through equator. They do have a dedicated line for the faxes. Fax the package in and call in to request for the sales date to be postpone due to home owner requesting to do a short sale. I'm closing on two this month.

Good luck!

Jim Nguyen

Myra McCaskill Crenshaw said:
Rhonda, Thank you! Did you just have to send in the HUD-90036 only to get them to stop the trustee sale? Which number do you call? I know BofA use to have a dedicated line for FHA short sale. Also, I think I saw BofA FHA short sales can't go through Equator, is this correct?

i am working with equator on a fha loan.

Seller will also sign a approval to participate.

Ask the negotiator to send this to you. An appraisal will be done within a few weeks. You will then have final net numbers you can work with. Each month the net amount will drop rough around 2%. You usually have about 4-5 months to sell. You can request for extension if you do not get a offer.

Good luck,

Jim

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