October 5, 2014

EverBank FHA Short Sales

Filed under: FHA Loan,Short Sale
Looks like FHA caught up with EverBank and their short sale shenanigans recently.  HUD OIG reports:

“EverBank did not ensure that the mortgagors’ default on the FHA-insured mortgages was due to an adverse and unavoidable financial situation….Also, EverBank did not conduct a thorough and independent verification of the mortgagors’ income, claimed expenses and personal resources to properly determine if they had the ability to pay their mortgage payments. Lastly, EverBank did not substantiate that mortgagors’ need to vacate the FHA-insured property was due to the cause of the default.”

But is anyone really surprised?  I mean, this is EverBank after all.

October 30, 2009

Bankruptcy Attorneys & Short Sales

Filed under: Bankruptcy,Short Sale

Sorry I haven’t been posting with the vigor of days of yore.  I’ll try to improve on that.  But in the meantime, I thought this conversation I had with a Florida bankruptcy attorney one late night a few months ago was interesting.  The names have been changed to protect the innocent.  And now for the question: should I do a short sale if I’ve already filed for bankruptcy? (more…)

May 30, 2009

FHA Loan After A Short Sale

Paul,

Would I qualify for an FHA loan? I lost my job and had to Short Sale my home, I received official release by letter of all liability in July 2007.

Is it a 2 year or 3 year waiting period?  Are short sales “officially” considered foreclosures as of today?  Most importantly, do you know of an underwrite who can help me with a loan???

Desperate here, rented for 2 years here in Henderson. I can’t afford a Conventional 10% down.

Love you website – I’d appreciate your help.

Jayne (more…)

March 27, 2009

Short Sales, Land Trusts, & Option Contracts, Oh My!

I landlord, my aunt, is trying to sell her property with the help of a loss mitigation company. They finally found an end buyer but they will be using FHA financing. They have an option contract on the property but apparently they have a 90 day seasoning issue in order to have their loss mitigation fee paid out. Will they need get filed under land trust then close in 90 days or will a separate form to option contract suffice?

Alex (more…)

December 30, 2008

FHA Short Sale Mortgagee Letter 2008-43

Filed under: FHA Loan,Short Sale

Forget everything you knew about FHA short sales.  There’s a new Mortgagee Letter describing the FHA pre-foreclosure sale (a/k/a short sale) guidelines which states:

“This ML supersedes in its entirety ML 1994-45, “HUD’s Nationwide Pre-Foreclosure Sale (PFS) Procedure”.  It also supersedes the section (pages 29-35) of ML 2000-05, “Loss Mitigation Program-Comprehensive Clarification of Policy and Notice of Procedural Changes” that describes Pre-Foreclosure Sale requirements.”

FHA Pre-Foreclosure Sale Procedures

October 6, 2008

FHA Short Refinance

Filed under: FHA Loan

I have a home that i refinanced apporximately 2 years ago as I was under the adjustable rate mortgage; I did some research while I was under this loan and the whole contraversy about the rates going up then scared me to refinance asap. I did the right thing, but HSBC refinanced my home at $170K after having it appraised in my area homes are only worth $150K at the time. Now the homes are onyl in the $130K range.

My mortgage payment is more than 31% of my salary and am in a position that I will no longer be able to afford as my student loans will be starting up.

I am currently under the 6 month mortgage modification program, trying to be proactive in this situation. Never been late, etc on my payments and hoping being proactive I can get a smaller interest rate without paying refinance loans, etc.

My credit is not the greatest and would be difficult to get a loan as I have tried, but since the housing market . values have dropped; I cnnot qualify, etc. What can I do?

Also, is there anything I can do as I think they over-appraised my home and fudged paperwork, etc to get me the loan. I feel thankful I got out of the adjustable rate, but at the same time feel ripped off that I am in home not worth anything anymore.

I am ready to throw in the towel and just rent the rest of my life. I need advice on where I can go, etc

Jim (more…)

February 21, 2008

Short Sale Financing

Filed under: Short Sale

Hi Paul,

I’ve been actively browsing your seller help buyer website. My business partner and I know that if we have the resources to do short- sale financing, we’d have a ton of work to do. It’d be great if you could let us know what lenders are good for this, or just any advice or suggestions.

Thanks!

JP (more…)

September 19, 2007

FHASecure to the Rescue

I’m currently facing foreclosure!

I refinanced about 18 months ago. While originally I was just trying to get out of my expired ARM, my broker convinced me to take money out to pay down some debt, and do some home improvements.

Surprisingly the lenders appraiser came back with a value that was some 50% percent higher than my previous appraisal from 2 years ago.

So I took 85% LTV loan at a high interest rate because of my poor credit. I knew my monthly note would be a struggle, but me and my broker figured after paying down some debt, and make some much needed renovations to the house, that after a year I would be able to refi  into a lower interest rate and my homes value would increase as well. 

So I followed through paid off some debt did some major improvements to the house, and managed to pay my note on time by the skin of my teeth for a year. Running to a new broker to refi, (since my last broker’s office was out of business) I got qualified for a low interest 30 year FHA loan.

Everything was fine until my appraisal came back some 55% lower than my previous appraisal.

I was shocked and talked with one of the guys in underwriting as well as the appraiser; I even went as far as to send them a copy of my previous appraisal. The end result was they showed me where my current lenders appraiser used bad comps, and also used the wrong school district to get an inflated appraisal.

What are my options?

G-DUB (more…)

May 6, 2009

Fannie Mae Furby

Filed under: Mortgage,Short Sale

Hi Paul!

I’m in the process of attempting to get a FHA loan, however right at the end of the underwriting process I was denied b/c of a short sale reported toward the end of last year. 

I have steady W-2 income and 700+ credit score.  My payments on my previous property were current through the date of sale, but the bank reported to 1 out of 3 credit bureaus: “Account paid satisfactory for less than agreed”. 

This shows negative and apparently underwriting is proactively denying the loan in anticipation of a new FHA stipulation treating short sales same as foreclosures. 

Any advice on this?

Furby (more…)

December 29, 2008

Buy and Bail

Filed under: FHA Loan,Short Sale

I have a condo right now and i want to short sale it. While the condo is for sale can i apply for an FHA loan even if i have the other loan. THe loan on my condo is not an FHA loan.

Vicente (more…)

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