Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on December 28, 2012 at 6:55pm

The Servicer (GMAC in this case) submits the request for the Variance.  6% is a tall order even when meeting the net requirement.  May need to find a better Buyer...

More than likely you'll need a copy of the Buyer's GFE and a Letter from their Lender.

Permalink Reply by Elvira Quiray on December 28, 2012 at 7:23pm

Buyer's GFE has been uploaded. They are taking a 203K loan for this property.

Permalink Reply by Kevin - Greenville, SC on December 28, 2012 at 7:47pm

You'll have to fight to get the 6%.  Let me know if you get it approved, but I have my doubts.

Best of Luck.

Permalink Reply by Elvira Quiray on December 28, 2012 at 7:52pm

Net requirement is actually met even with the 6%.i will try and let you know.

Permalink Reply by Celeste ODea on December 28, 2012 at 8:33pm

Check their guidelines, but I'm pretty sure the max they will pay toward closing on an FHA Pre-Foreclosure Sale is 1% if the buyer is an FHA buyer.  They will not pay any closing for a VA, Cash, or Conventional buyer.  No harm in requesting it, but don't get your hopes up.  Good luck and let us know what happens.

Permalink Reply by Kevin - Greenville, SC on December 28, 2012 at 9:00pm

HUD (aka The National Servicing Center) will routinely approve a Variance of 3% (regardless of the type of Loan) if the tiered net proceeds are still met.  The 1% in the PFS Guidelines is for what the Servicer/Lender can approve without a Variance.  I personally have never requested more than 3%, but have never heard of 6% being approved.