I had a lady contact me about her house. They had listed it with an agent around Jan 2011 and had no offers, from my understanding. There was an approval to participate at 140K. It expired and so did the listing with that agent. They contacted me and we have been trying to get an offer reviewed ever since. There was a low offer from an investor and now we have a great offer from an owner occupant of 129,900. They are telling me that because the 120 days expired, there is nothing they can do. I spoke with the HUD National Servicing Center and they basically told me the same thing.
Any Contacts to Try?
Anyone encounter a similar situation?
Wells has told us several times to "submit the offer" and they will set it up and then after it is submitted they tell us the ATP is expired and they can't set up the file.
In my experience, the negotiator needs to send a variance in order to get it extended. I would escalate this issue with the servicer itself and if that doesn't work contact HUD at ExtensionRequests@hud.gov and see if a case worker can be assigned to your file.
Good Morning Brandon, I would call and ask for a supervisor or manager and explain the situation. You may also wish to submit your offer with recent comparables to show where the current market prices are, along with a loan preapproval for the buyer. If the buyer can obtain a DU approval all the better. In addition, I would submit with a well written cover letter explaining what has occured and state your case for the sale, and with the comps to support it, you may just get a response. Just calmly insist on speaking to a supervisor. You may also want to check and make sure that this property has not been schedule for a foreclosure auction, which could complicate matters for you. Good luck.
Call HUD at 888-297-8685. You will need to fax in a Authorization to Release Information to them at 918-551-5391 first. Ask to have a ticket assigned. Then a counselor will be assigned and call you back in usually 48 hours. They can help get the lender to cooperate. I have found the folks at HUD to be very helpful on many different occasions. Hope this helps.
Had a similar situation last year, however the bank wasn't willing to negotiate (I thought) so I contacted HUD, and I was told by HUD that approvals are given only once, couldn't re-issue another approval, even if an offer was higher than the original approval amount. Maybe they had changed their guidelines since then, I've asked for a variance once, got declined because 12 months had passed since seller moved out (bank took forever to answer and by the time they did, it was past the 12 months HUD had allowed)
Thank you all for your replies. I have spoken with HUD. They told me that the ATP is only given once and there is nothing we can do. We have tried numerous contacts at Wells Fargo with no results. I then pulled out an old file with direct contact information to the Manager of Mortgage Services. They are again the best people I have spoken with at Wells. She spoke to several people and somehow got the file set up and assigned to a negotiator. We are now waiting on our first contact from the Negotiator. Hopefully we can get this thing pushed through.
Call me - 864-485-9283