I have a FHA Wells first, with a Citi second.
I've applied to the FHA Preforeclosure Sale program. The mortgagors and the property have qualified. So, after 40 days of deliberation, Wells has completed everything needed to admit them to PFS. All of this was before the offer was received.
Now, Wells is saying that they need a statement from Citi stating that Citi will release their 2nd lien for the $2,500 FHA consideration, BEFORE Wells can admit them into PFS.
But, Citi wants the proposal, only after the offer, which we just accepted last week.
This effectively nullifies the PFS program, which is suppose to allow the borrowers to get admitted to PFS, together with the minimum net, so they can market their property.
Wells is saying, if we can't get the written release from Citi in a few days, then they must cancel the file.
I'm thinking, this just can't be Wells policy. Does anyone have Wells-specific experience on this? On with another Lender? And, does anyone have a contact reasonably senior in FHA short sale at Wells I could call?
This just seems wacky to me.
Thanks, Michael.
Tags:
Bryant,
Thanks, Bryant. This is why I posted this, as I find it hard to believe that Wells would have a policy of "2nd lien release prior to admitting into PFS", as this is pretty clearly not aligned with the intent of ML 2008-43.
I shall be working this this week...
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.