I have a reverse mortgage short sale that I am negotiating. It started out with Financial Freedom and just about 10 days ago was sent to Deval, LLC. Financial Freedom did an appraisal about 2 months ago. Deval is now telling me that my seller needs to obtain and pay for his own "as is" appraisal because he has an FHA loan and he still lives in the home. I've done quite a few FHA short sales and have never come across this. The guy at Deval has a full voicemail and the lady who answers the phone is quite snippy and unhelpful. :) Below is copied from an email from Deval. Can anyone provide some insight? Maybe I'm not understanding these emails from the lender. TIA
If the loan is in a Due & payable status then HUD will pay for the FHA As-Is Appraisal. However, if the borrower I just wanting to sell the property and is interested in a Short Sale then they are responsible for the Appraisal.
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Jen is your client open to keeping their home, if they had a chance to? you would still make your regular commission.
How many mortgage liens are on the property? What position is Deval LLC in? From my experience Deval LLC typically handles partial claims for HUD.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com
One mortgage. I just spent 45 minutes on the phone with them. They have ordered the appraisal. After all that drama with realtors fussing at me and the seller in a panic! They order the appraisal...