Comment

Comment by Jennifer Klein on September 23, 2011 at 9:50am

BofA, FHA 90045 states net, we met. Negotiator is stating the new buyer is only allowed to have 1% credit towards purchase? Even if we are meeting the banks 900045 net? The buyer needs the full 3% credit to buy this FHA short sale. Does any one have experience obtaining a full 3%?

Comment by Becky Martin on August 29, 2011 at 1:57pm

Finally I got the US Bank to pull the file and move it to approval hopefully by the end of this week - now have to get the buyer to stay on board....thanks for the suggestions, I used Kevin's threat of HUD investigation and had faxed all to them for assignment to a HUD investigator.  I did the same for  a BOA file and got an approval today - hooray short sale superstars:)

Comment by Aneetra Isis Sherrell on August 19, 2011 at 6:22am

They did the same to me for the last 6 weeks. I tweeted Bofa_help. Thursday. They responded in 10 min and the rep called me the next day. All 3 files were assigned to the same person and she emailed me yesterday with welcome packets on all 3.

Comment by Tara Polley on August 19, 2011 at 6:20am

Hi Matt,

I just went through this exact situation last month, and finally twittered BofA_Help. I had the green light to move forward with the short sale within the week, and since then, the negotiator has been phenomenal. She even answered her phone on the first ring when I called, and knew my file as soon as I gave my name. I fully recommend using the Twitter resource!

Comment by Matt Newman on August 19, 2011 at 6:16am

Ok, I have really had it with Bank of America.  They are really making it impossible to complete FHA short sales.  Will someone at HUD address that they completely ignore FHA/HUD guidelines?  I have one file that they refuse to open a short sale file.  The short sale department says they are not able to open it until modification releases it and recommends the borrower for short sale and then the modification department says they did recommend for short sale.  Every time either myself or the homeowner calls, we get transferred back and forth between departments.

Comment by Kevin - Greenville, SC on August 18, 2011 at 1:20pm

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sf...

Comment by Becky Martin on August 18, 2011 at 1:19pm

I have gone over her head 3 times with voice mails to her supervisor in the past month and finally got that pitiful email 2 weeks ago...Kevin  - do you have a number for the NSC of HUD?  I am going to start calling every day and being very annoying, I have tried patience and tolerance - nice guys finish last lol

Comment by Michael Schneider on August 18, 2011 at 3:06am

@Becky If you have submitted the executed purchase contract, the preliminary HUD1 and the proof of funds, then I would complain louder.  US Bank can be very slow with FHA files.  There are always ways to escalate in a bank.  Be creative!  Have you looked at their annual report, for example?

btw, by FHA guidelines for PFSP (ML 08-43) they are suppose to review within 5 days a receiving the complete offer.

Comment by Kevin - Greenville, SC on August 18, 2011 at 3:01am

Becky,

 

Call the NSC of HUD.  

 

P. Contract Approval

The lender will have 5 working days from receipt of a signed Contract for Sale, to respond using the Sale Contract Review form HUD-90051. The transaction must be an outright sale of the premises. No sale by assumption, regardless of provisions for release of liability, may be considered.

 

Comment by Becky Martin on August 18, 2011 at 2:57am

We got the ATP on 5/19/11 and Buyer was in place for full value - it has been with US Bank ever since then and no approval yet!!!  The negotiator finally sent me an email 2 weeks ago saying she was overwhelmed and had to review for approval as they came in and she is just that backed up = in other words we are in the PILE on her desk - what else can I do????

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