Comment

Comment by Andy Morris on July 7, 2011 at 2:01pm

hey guys i got a short sale turned down because the seller made to much money.  does anyone know the FHA guideline on this.  on skimming the FHA guidelines I could not find any statements or ratios used accept for the fact that a seller would not be qualified for a short sale if they had the money to pay their mortgage payment.  does anyone have any input on how it is calculated that seller does or does not have enough money to make a mortgage payment.  seller could barely squeek by making payment if he didn't have a vacant property he was making payments on.  so he is in the red about 1100 total each month.

Comment by Kathleen Couch on July 7, 2011 at 8:58am

Has anyone heard of Bank of America, FHA not wanting the $200 extra on the final HUD to be given to them, because it would have to go through "quality control" again?  I have done lots of short sales, but never had it come up that the bank was not happy with more.  If you have experienced this or have any comments let me know how it was handled.  The closing is in an hour, and they approved the initial short sale today.  (Cash closing.)

Comment by Michael Schneider on June 29, 2011 at 3:29am

For FHA/PFS, is there a limit to the allowable level of delinquency?

Is there a condition, such as: Mortgagor must be no more that XX months delinquent?

Comment by Kevin - Greenville, SC on June 13, 2011 at 2:30am

Mark,  It's a lot of good content, but yes some of it has been updated since then.

Comment by Bryant Tutas on June 13, 2011 at 1:40am

Good stuff Kevin. I'm adding this info to group. I did the same with the others too. Thanks

Comment by Kevin - Greenville, SC on June 12, 2011 at 10:36pm

For all you night owls - http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4330.4/43304...

Comment by Kevin - Greenville, SC on June 12, 2011 at 3:16pm

http://www.usfn.org/Content/NavigationMenu/INDUSTRYRESOURCES/NMSRDL...

Comment by Kevin - Greenville, SC on June 11, 2011 at 2:49pm

 

Question 4: Must a Partial Claim be deducted from the Net Proceeds of a Preforeclosure Sale?

 Answer: Yes, when using the Preforeclosure Sale Program after a Partial Claim was provided on an earlier default, the mortgagee must include the amount of the Partial Claim when calculating total indebtedness for the purpose of a Preforeclosure Sale and to meet the 63% negative equity ratio calculation. In order to be in compliance, mortgagees must include the unpaid principal balance, accrued interest, and the Partial Claim amount to correctly calculate the total outstanding mortgage indebtedness. HUD must net a minimum 82% of the sales proceeds from the Preforeclosure Sale. Refer to Mortgagee Letter 2003-19, dated November 20, 2003.

 

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

Comment by Barbara A. Reagan on June 11, 2011 at 2:47pm

I currently have an FHA short sale (Bank of America is lender).  When the homeowners first ran into financial problems, they worked with Bank of America on trying to work out the mortgage delinquency.  My sellers call it a "partial claim process" in which there was apparently a second deed of trust placed on the property in the amount of $9,000.  My sellers have gone through the process and have approval to participate in the FHA Pre-Foreclosure Sales, we have an offer that is at Bank of America being reviewed, but Bank of America is now saying that we need to get the junior lien (the $9,000 partial claim) taken care of.  However, the deed of trust shows HUD as the lien holder so I am not sure where or who I need to contact regarding this.  Has anyone else had a similar situation, and if so, how did you handle it?  Thanks

Comment by Darren Jenkins on June 8, 2011 at 1:28pm

@Jim - I am closing a cash HUD REO purchase Friday.  I had trouble getting Pemco to approve the HUD1 and delivering the deed to title because HUD requires that all liens be paid by the FSM before they release the deed.  Call the FSM directly and ask to speak with the person responsible to pay the liens on HUD properties.  This may be your issue.  If it is not the person at the FSM may be able to help you figure it out.  Good luck!

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