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Comment by Susan Morimoto on October 31, 2013 at 3:33pm

New FHA Short Sale Guidelines effective 10/1/2013.  FRUSTRATING!!!  I have clients that have been unemployed on and off for the past 3 years.  Tried to do a loan mod and of course told to stop making payments. Denied the loan mod. Advised that home was going into foreclosure and they would have to move out. They did so. When I got involved the foreclosure process was postponed.  We again tried the loan mod to go through the waterfall process, loan mod denied again, and moved to qualify for the short sale process. We were progressing until last week. Notified that as of 10/1/13, new FHA guidelines do not allow a short sale if the property is vacant and the borrowers have a credit score of 620+, and because they can't go through the short sale motions, they don't qualify for deed in lieu.  How these people have a credit score that is too high to qualify for a short sale is crazy.  They haven't made a house payment for years, in part due to the advice they were getting and lack of help extended to them.  I escalated this with HUD, and they said they couldn't do anything unless the borrowers move back into the home.  It was difficult for them to find housing, the move was stressful, and draining. Moving back in is not an option.  Any Advice out there?? 

Comment by TOP END Properties on June 18, 2013 at 10:32pm

All FHA loans have to be reviewed for a Loan Mod first unless their is a reason the borrower can not stay in the home like a death or job transfer.  The Loan Mod stage can take 3-9 months.  Only after they are declined for the loan mod can they be put into a Short Sale.  You can not skip the loan mod stage .. if you try to have it pushed through to Short Sale .. the Short Sale Dept will almost always send it back to Loan Mod.

Comment by Lisa Jones on May 9, 2013 at 8:53pm

Thanks for your input, but that's what we have been doing. The sellers have been trying to qualify since September. We have submitted the complete FHA Package 3 times and they keep sending it back through as a modification. No contract has been submitted. I have had luck with these in the past and this one is just stumping me. Called this afternoon and was told that the file was slated to be opened for short sale on May 1, but no one could confirm that this in fact was accomplished. Scheduled a call for tomorrow. We will see what happens.

Comment by Joy Baker on May 9, 2013 at 8:02pm

Servicers routinely give incorrect info regarding the FHA Preforeclosure Sales Option.  Many will try to tell you that it is handled just like a BAU (business as usual) short sale and that you should not bother them until you have an offer.  As one high ranking individual at HUD said to me, "that'll bite you in the butt everytime".

When I run into a servicer that wants to do it that way, I go right to HUD and let HUD show them the error of their ways.  It's a much less painful process if you submit the financials first, have the FHA appraisal done and obtain the ATP before you obtain an offer.

 

Comment by Lisa Jones on May 9, 2013 at 11:43am

I need help escalating an FHA file in BOA. Does anyone have a contact??
I have been trying to get an ATP for a borrower since last September. We keep submitting docs, they keep getting declined due to not submitting the package in 30 days. We have within the 30 days (3) times now. The file was suspended in February 2013 due to them "Waiting on new FHA Servicer Guidelines" were told they had all needed docs once file was released in mid April and now they have sent, yet again, another letter declining due to borrower not providing docs within 30 days. This is maddening. Any help would be appreciated.

Comment by Seth Russell on June 25, 2012 at 2:48pm

FHA variance on Short Sale...

I have clients who had to transfer out of state (CA)...I initiated a request for an appeal through GMAC as I was informed the sellers (my client) financial information reveals he makes too much money and can afford to make two mortgage payments..this  is not the case therefore the appeal for the variance has been initiated with FHA..Does anyone have a similar experience with FHA? Were you successful in obtaining the Approval to Paricipate from FHA?

Thanks in advance for any information on this type of request.

 

Best,

Seth Russell

Comment by Debbie Parkans, CDPE, CSSG, CRS on March 16, 2012 at 10:05pm

They seem to be moving a bit quicker on the FHA ones right now.  I'm about 30 days in on one and supposedlly getting close to the first approval.  They won't negotiate the contract until the seller is approved and has signed the approval to participate - then they negotiate the offer.  My last BA took only 1 week from the time we sent the ATP back in until I had my approval.

Comment by Patti Guilford on March 16, 2012 at 8:36pm

I tried uploading a new B of A short sale in Equator yesterday and was stopped as it was an FHA loan and instructed to call the 1232 number. I did, they told me what to send. This morning the negotiator for B of A FHA called and said that she keeps an eye on all her files and saw that I had called in yesterday. She ordered the title work and appraisal, emailed me the FHA specific docs for this transaction and said she needed 7 items and we would move forward. I told her you have just increased my faith exponentially in closing this sooner rather than later. It was a nice way to start my day :)

Comment by Debbie Parkans, CDPE, CSSG, CRS on September 25, 2011 at 6:00pm

I have closed 2 so far - A Wells and a Bank of America.  I have a couple more in process.  When you get ready to lst one, ck with the Lender.  Bank of America and Wells both started the process prior to an offer.  Suntrust would not do anything till we had an offer - then started processing it.  Never mind that the FHA guidelines say they are supposed to start by being accepted into the preforclosure program.  One thing I have found - they definately ignore the time frame shown on the FHA letters.  I have acually been lucky on my values - they were within a couple of thousand and I was actually listed higher than the value they came up with.

Comment by KIM CANEDA on September 25, 2011 at 5:28pm

You should submit prior to an offer...as it takes FHA forever to get the FHA Profiler complete with the homeowner..and then they will give you a price..so even if you have a buyer the offer price may not be enough.

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