Comment

Comment by Dean E Eshelman, CPA, CDPE, IRES on June 15, 2012 at 5:16am

Kevin, Reference same case as my previous comments on Partial Claim- FHA/HUD. We have a PFS letter with an incentive of $1,000. Is the incentive shown on the HUD-1? Second received letter approving Short Sale, but no reference to the incentive. When I inquired the response- "They do not qualify to receive the incentive.  When they have jr liens the incentive has to be paid toward the jr lien payoff."-- ie the partial claim. SunTrust claims they did not know about Subordinated Debt until title was run. Does a subordinated debt -Partial Claim- make the homeowner ineligible?

Comment by Dean E Eshelman, CPA, CDPE, IRES on May 26, 2012 at 11:52am

Kevin "Dean, I would guess they probably had their loan modified under FHA HAMP and recieved a partial claim.  The PC will need to be paid in full under the PFS Program." Yes that is correct.

Comment by Dean E Eshelman, CPA, CDPE, IRES on May 26, 2012 at 11:46am

Kevin, I have $119 first $31 subordinated and a net of $95 in the PFS letter. We have just over $95. If the $31 PC has to be paid in full does that mean our net is really $64. Not sure what you are implying.

Comment by Kevin - Greenville, SC on May 26, 2012 at 5:22am

This is HUD's Contract Servicer for Partial Claims -

DEVAL LLC can be reached at:

DEVAL LLC
Westpoint 1
1255 Corporate Drive, Suite 300
Irving, TX 75038

Toll-Free: (877) 622-8525
Local: (469) 647-4450
Fax: (469) 647-4451

Comment by Kevin - Greenville, SC on May 26, 2012 at 5:21am

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 Lender must include the Partial Claim amount when calculating total indebtedness for the purpose of a Preforeclosure Sale.

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

Comment by Kevin - Greenville, SC on May 26, 2012 at 4:48am

Dean, I would guess they probably had their loan modified under FHA HAMP and recieved a partial claim.  The PC will need to be paid in full under the PFS Program.

Comment by Dean E Eshelman, CPA, CDPE, IRES on May 26, 2012 at 4:42am

FHA/HUD investor in short sale. We have PFS approval and contract and meet criteria on net. This loan was previously modified and first was recduced and Subordinated note created by HUD. Presume Suntrust is servicing first and Subordianted is just a piggy back that is due upon sale or refi.Title company is asking who to contact regarding payoff on subordinated debt and how to report on preliminary HUD-1. They are wanting to treat as second mortgage.  Anyone had this situation?

Comment by Dean E Eshelman, CPA, CDPE, IRES on April 19, 2012 at 12:56pm

Brian Johnson (Supervisor over Private and FHA loans) 804-319-2965; Goes to voice mail system and asks to key the name and says name can not be found

Comment by Tara Samney on April 19, 2012 at 5:42am

Lisa - I got an approval though on the 2nd with them in 35 days from time offer submitted.

Comment by Tara Samney on April 19, 2012 at 5:42am

Lisa- I only had them as 2nd once before.  They wouldn't release for less than 10% of balance owed. It was a VHDA  2nd.

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