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Short Sale Approved, Now BOA stating Final HUD has to change, SBA not allowing it to change

Posted by Peggy Kormylo on September 25, 2013 at 8:30am in Short Sale Discussions

Hello,

I have a client with a first mortgage through BOA and the 2nd through SBA. The preliminary HUD was finally approved by both banks. 

We are now suppose to close on Oct. 1st, 2013 and BOA said they will not approve the final HUD, even though nothing has changed from the Preliminary HUD. 

SBA required us to have "Pay Down" versus "Pay OFF" for their $2500 credit. This was initially approved with BOA on the preliminary HUD. 

Now, BOA says HUD will not pay on "Pay Downs" and it must state "Pay Off" 

Neither bank will give in.

Has anyone had this happen, and found a solution?

Please Advise!

Thank You!

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Replies

  • Lori & G-II Klindera/Varrato I September 27, 2013 at 6:07am

    Just in… Revised ML 2013-23 via ML 2013-24 http://portal.hud.gov/huddoc/13-34ml.pdf

     

    Implementation of the “PFS Participation Requirement” section stipulated in Mortgagee Letter (ML) 2013-23 has been delayed until further notice. PFS participation requirements denoted in ML 2008-43, 2002-13, and 2000-05 remain in effect.

    All other provisions included in ML 2013-23 remain in effect.

     

     Delayed Implementation of “PFS Participation Requirement” Section included in Mortgagee Letter 2013-23, Updated Pre-Foreclosure Sale (PFS) and Deed in Lieu (DIL) of Foreclosure Requirements

     

    Get this out to all of the servicers you’re working with RE FHA PFS transactions

     

    We did it…

    G-II Varrato II

    RET USAF 820th CES RED Horse, REALTOR®

    Director Community Outreach (Veterans Association of Real Estate Professionals) VAREP

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