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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 Short Sale Superstars LLC Nov 22, 2019. 5 Replies 0 Likes
Started by Neil L.. Last reply by Short Sale Superstars LLC Oct 3, 2019. 2 Replies 0 Likes
Started by Savita Savita. Last reply by Short Sale Superstars LLC Sep 26, 2018. 1 Reply 0 Likes
Comment
Got that. So, if a PC is say $2,000 and the seller is eligible for relo assistance, then I guess the seller would receive $1,000. Is that right? Either way, this seller cost would be $3,000 or more, depending on the amount of the PC, so it looks like Jim's scenario would not meet the 88 pct net.
That makes sense.
In Mortgagee Letter 2013-23, the only disqualification for the $3k relo money that I see (assuming the seller has not already relocated) is sellers required to make a cash reserve contribution. Then the wording was updated in ML 2014-15. But maybe an exclusion for partial claim recipients is covered in another mortgagee letter.
You are probably right. I have not encountered one with a partial claim and relo assistance. Again, the Sales Contract Review would spell out why it was denied -- if the denial came from HUD.
Guerry - I did not think a homeowner qualified for the 3K relocation if there is a HUD partial claim.
I agree with Brett. I would also ask to see the Sales Contract Review (HUD-90051). The seller should be given a copy of the ATP and Sales Contract Review. Looking at the numbers, though, if the seller qualifies for the $3,000 relocation assistance, then it would have to sell for $173,106.38 to pay at 6 pct fee -- and that's without any other seller cost. Either way, I would insist on a copy of the ATP and 90051.
Is the home in foreclosure? I'd open up a ticket.
I just had a short sale denied by Wells. Wells told me the FMV was 181500 and asked me to price it according. Offer was $172000. Net including full payoff of a HUD partial claim was well within the 88% guideline but Wells said HUD denied the variance because price was not FMV. I've done lots of FHA short sales but never had this happen before. Do these things with partial claims have to go for full price? I've never received an ATP either, even though Wells submitted the offer. Not sure what I'm missing here.
Jim Stewart - you sent request for payoff or title company. I have Title Co request. Took just a day or two.
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