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Receieved Preforclosure sales program (FHA) participation letter on 9-12 states I must close by 9-29!!!

Posted by Jodie Luke on September 17, 2011 at 9:11am in Short Sale Discussions

On 9-12 I received My letter to participate from FHA on a property the letter is dated 9-12 however it states I must have an offer to bank my 9-29 . They only gave me 17 days to market the property and sale it... I contacedt the lender (flagstar) they stated they would review the dates. I provided them with the guidlines from the program where it states I have at least 90 days to market the property. Flagstar contacted me today and says they will not change letter and that the date is correct because this home already had a foreclosure date in the next 30 days. I contacted HUD and they said this was incorrect and would contact flagstar but havent gotten back to me.

Has anyone ever had this happen before? Ive closed lots of FHA short sales and never run into this rule flagstar is claiming? Please help.

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Replies

  • Richard Beach September 19, 2011 at 11:14am
    Good luck Jodie!
  • Richard Beach September 19, 2011 at 10:48am
    Escalate to anyone you can. The servicer should delay the sale date to allow the pursuit of the short sale. See attached.

    pfsfact.pdf

    • Jodie Luke > Richard Beach September 19, 2011 at 11:07am
      Thanks! I sent them the pfs facts on Friday however, they denied my request even with the guide lines attached. I have escalated to HUD to get them to check with Flagstar! Fingers crossed that I have good news tomorrow.
  • Becky Martin September 17, 2011 at 1:05pm
    Scary:(  Hope they amend the letter!
This reply was deleted.
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