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Bank owned bob lachance debt negotiating foreclosure auction foreclosure class foreclosure course foreclosure mortgage foreclosure property foreclosure training foreclosures investing in real estate loss mitigation patrick precourt Preforeclosure Real Estate real estate foreclosure investing real estate investing real estate investing beginner real estate investment real estate investors real estate short sales REO short sale mortgage short sale training Short Sales
This week’s Preforeclosure “Tip of the Week” is about the 3 step short sale process that you go through when you are negotiating on a FHA insured defaulted property. These 3 steps have recently been updated! Visit www.ShortSaleDailyNews.com for more real estate specific articles and video.
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.
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 Some still require the 90036 form even though FHA guidelines from 10/08 say the form is obsolete, as is the 90038 and Counseling requirement.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!
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.
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
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
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.