Comments on: FHA’s 3 Step Short Sale Process

By: James Ferebee

James Ferebee — Wed, 02 Dec 2009 15:26:31 +0000

Rich you absolutly correct but I always tell them that the FHA counselor said this or said that and that usually get me around that.
In addition I still have my owners complete the 90036 / 38 and go to CCCA and get the paperwork completed.. Wells FArgo is a stickler for that and still wants it so I send all FHA clients to the CCCA period.

By: James Ferebee

James Ferebee — Wed, 02 Dec 2009 15:22:44 +0000

In addition to the 3 tier method of their net 88% 1st 30 days then 86% the next 30 days followed by 84% after 60 days and if you get a contract toward the end of the marketing period they will give you another 45 days or more to close. However they need to ask FHA for a variance.

By: James Ferebee

James Ferebee — Wed, 02 Dec 2009 15:19:36 +0000

Also in the mortgage letter Dec 2008 you don’t need both forms however Wells FArgo still wants both forms. I have done at least 15 FHA shorts with them.

Jim

By: James Ferebee

James Ferebee — Wed, 02 Dec 2009 15:18:14 +0000

You guys forgot to mention that the owners need to go and get the counseling at CCCA agency. Also you can downloan the 90036 & 38 from HUD.gov
The Approval to participate is the 90045 and the contract approval is 90051..

Thanks,
Jim

By: Rich

Rich — Mon, 30 Nov 2009 14:35:13 +0000

Something that we have been coming across regularly lately is some lenders are demanding a contract and HUD before they will accept the application packet and/or schedule an appraisal. We’ve managed to get beyond this each tiem, but they have been a lot more stubborn. Some still require the 90036 form even though FHA guidelines from 10/08 say the form is obsolete, as is the 90038 and Counseling requirement. That having been said, we have found using the obsolete 90036 a viable tool in getting beyong the idiots asking us for a HUD and contract up front before starting the approval process. Hope you guys had a great Thanksgiving!

By: Diana Kelley

Diana Kelley — Wed, 25 Nov 2009 19:45:31 +0000

boy I wish all the lenders woould do this basically giving us their percentage of their BPO for making offers on FHA properties. Thank for the Info Bob & Chris.