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7-9-13 Updated Pre-Foreclosure Sale (PFS) and Deed in Lieu (DIL) of Foreclosure - Effective 10-1-13.
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FHA Contract Clause
"Sale is contingent upon the seller receiving prior written approval of Insert Name of Lender/Servicer."
FHA Listing Agreement Clause
“Seller may cancel this agreement prior to the ending date
of the listing period without advance notice to the broker, and
without payment of a commission or any other consideration if
the property is conveyed to the mortgage insurer or the mortgage
holder.” The sale completion is subject to approval (under HUD
guidelines) by the mortgagee.
Started by Noelle Battle. Last reply by Brett Goldsmith Nov 22, 2019. 5 Replies 0 Likes
Started by Neil L.. Last reply by Brett Goldsmith Oct 3, 2019. 2 Replies 0 Likes
Started by Savita Savita. Last reply by Brett Goldsmith Sep 26, 2018. 1 Reply 0 Likes
Comment
I have a seller who has 3 HUD loans, these are loans that look to be directly from HUD. They did a few modifications over the years. Are they fairly easy to deal with?
@frank I think it's worth to try, just because they own another asset with potential equity does not necessarily mean they won't qualify in my opinion. Do they owner the land free and clear?
Does anyone from Illinois heard the HUD has reduced attorney fees across the board to $250? It used to be a max of $1500. I have my authorization getting verified and will talk to them directly, but M&T Bank just reduced attorney fees to $250 and that will not fly in Illinois. Glad I am not an attorney.
I will post once I get verification if nobody responds. Thanks Jeff
@jim They are still requested to be paid in full by HUD through a variance.
310-564-6389
Jim, the HUD Partial Claim Loans are typically not an issue. Just send a 3rd Party Authorization, with FHA Case number and order a payoff. The Partial Claim will be paid in full from the sale proceeds. For the most part, it is a fairly simple/straight forward transaction. Chad.
Have partial claims remained as the same problem they were before? I looked through past comments but the most recent ones were from 2012.
FHA VALUATION CHALLENGE QUESTION:
After a long battle with Wells Fargo (and FHA/HUD) to get them to revisit their flawed appraisal's valuation, they did finally order a new appraisal. They did, however, order it with the same guy who did the earlier appraisal. ("Mr. Appraiser, was your appraisal wrong then or now.")_______ I've seen this happen before with these FHA files. Is it standard policy or mandated by the applicable regs? Do I have any shot at getting the lender or HUD to reverse course and use a different appraiser? ______ Thanks.
I would definitely call your state reps and media. I contacted our senators after a similar situation and Hatch got the ball rolling with the lender. Ended up getting our approval and closed it within two weeks. Pull out the stops and let them know you're coming at them from all angles.
I also agree with Kevin. Keep trying until the property no longer belongs to the homeowner.
I had a short sale deal that the seller was about 4 years behind in payments on their FHA loan. Initially, the file was denied. But I kept trying and got an ATP. Then the loan was sold in the middle of the transaction!!! I had to start all over again but eventually did sell the house. Twitter does keep things moving.
I agree with you Kevin. I've done so many short sales I now expect idiocy from the lenders. When something like this happens, it doesn't surprise me on bit. I never even used Twitter prior to me having a short sale go haywire. It actually worked in that case and then every time since then. Now, it's part of my arsenal.
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