Comment

Comment by Kevin - Greenville, SC on July 30, 2011 at 5:54am

I have forwarded this issue to the following party -

Matt Martin

Program Director, Loss Mitigation

HUD's National Servicing Center

 

Comment by Michael Schneider on July 30, 2011 at 5:00am

Kevin/Brenda:  I've done many Wells FHA, PFSP short sales.  With ATP, with sales contract submitted during the marketing period.

I think that over all such files, Wells has never met the 5 day requirement that Kevin is stating.

I've complained to Wells about this at least three times.  They just ignore you when you ask "why are you taking 21 days, when the guidelines state 5". In one case, they blew past the approval date on the 2nd, and the 2nd's MI did not extend.

(Wells did scramble to help secure the extension from the 2nd.)

Wells can be pedantic on FHA guidelines to the point of self-inflicted injury, so I do not understand why they so blatantly ignore this requirement in ML 08-43.

I've assumed that they may have some blanket exemption from FHA on this.

Comment by Brenda Houghton on July 29, 2011 at 10:32am

Wells Fargo PROMISES a minimum 90 day turn around on FHA short sale contracts when an ATP is in place.  I do not know how they get away with it. 

Comment by Brenda Houghton on July 29, 2011 at 10:30am

Kevin, I had a ticket open with HUD on this one.  It got the process moving after the offer sat for 3 weeks after submission.  However, once it stalled again, the HUD representative on the ticket quit returning my calls. 

Comment by Kevin - Greenville, SC on July 29, 2011 at 10:05am

Hold them to the five working days, or call the National Servicing Center of HUD and open a ticket.

Comment by Kevin - Greenville, SC on July 29, 2011 at 10:03am

It's five working days if a ATP has been issued.

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 Brenda Houghton on July 29, 2011 at 9:20am

Terry, who is the lender?  It sounds like Wells Fargo to me.  They could care less about the guidelines.   I had a Wells Fargo FHA short sale with an ATP and a buyer whose offer met all of the requirements of price/net etc.  9.5 weeks later he withdrew his offer when we could not get anywhere with an approval.  I went for 3 1/2 weeks without being able to reach the negotiator.  It was very frustrating. 

Comment by Paola Martinsen on July 29, 2011 at 9:16am

Terry--I would find out if the servicer has already issued the approval to participate or not. If they have, then the sellers agent can tell you if the offer will work or not and if they need to counter and an approval should be quicker once the min net is met. If they haven't issued the ATP yet then depending on who the servicer or bank is you may be waiting a while.

Comment by Terry Parrish on July 29, 2011 at 9:02am

It's not my listing, and I have always had positive experiences with HUD SS approval - the listing Agent is non responsive and it worries me, she says the Lender is overwhelmed and they just keep telling her all the paperwork is there - supposedly Negotiator has been assigned and she is unable to talk to her/him - since June 8th!?

 

Comment by Paola Martinsen on July 29, 2011 at 8:53am

Terry, from what I know the servicer has 10 days from the time the offer is received to accept or decline the offer. That only applies if the ATP has already been issued.

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