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Forums » General Real Estate Investing » RE: Hud counseling for homeowners wanting to do a short sale

RE: Hud counseling for homeowners wanting to do a short sale Subscribe to RE: Hud counseling for homeowners wanting to do a short sale

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Tag Tags: short-sales foreclosures


Art Jackson

Real Estate Investor · Johnstown, Pennsylvania


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Apr 16 '10, 11:08 PM

I want to share with everyone the most recent situation on a short sale i'm working on Wells Fargo. I was told that if the loan is an FHA loan that the homeowner(not investor, or realtor)must do a 15 to 20 minute phone interview that the homeowner has to have their income docs and a list of all of their expenses. Once this is completed, the homeowner will get a written response within 30 days. If approved, the short sale process can continue, if declined, the homeowner cannot do a short sale AT ALL. Has anyone else experienced this and if so can you share the counseling call with the homeowner? Art

Edited: 06/26/2010 at 12:30PM


Brian P

Real Estate Investor · Salt Lake C[ty, Utah


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Apr 20 '10, 04:31 AM

Art

Just another hoop to jump through. You will find that all loans are not created equal when doing a short sale. It depends on what the lender calls the type of loan product involved.

The actual lenders in insured loans are trying to avoid eating any thing beyond the insured part. The insurers are trying to avoid paying a claim for the full amount they are liable for.

So just get it started and completed as soon as you can, and jump when they say jump or you won't get anywhere.

Edited: 06/26/2010 at 12:32PM




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