I am working a short sale with a 1st lien with Ocwen and a 2nd FHA Title 1 Home Improvement Loan with Service Finance Company. I have never worked with Service Finance Company before and when I called them yesterday to inquire about their short sale process they claim that they don't have a short sale department and that FHA does NOT allow short sales or short payoff on a Title 1 Home Improvement loan. Has anyone ever heard of this or ever dealt with a Title 1 Loan for short sale? Has anyone ever worked with Service Finance Company? If so, could you please give me some guidance on how to proceed? Thank you and all the best!
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Title I Newsletter
Volume XIV Issue 1.pdf
Call 800-669-5152 X 2819 for more info.
http://law.justia.com/cfr/title24/24-2.1.1.2.2.html
I'll try to get an affirmative answer from my contact at HUD and report back. My guess is that like with a partial claim they would have to be paid in full.
I would assume the same thing.
Diana,
Is this going through the Pre Foreclosure Sale program (FHA Short Sale) with the 1st?
Brett@ishortsalenow.com
www.ishortsalenow.com
310-564-6389