FHA Lending With NO Seasoning?
Is anyone aware of who may loan to FHA buyers with no seasoning requirements? I have approved short sale with FHA end buyers. Is it possible to find a lender with no seasoning of the property?
Is anyone aware of who may loan to FHA buyers with no seasoning requirements? I have approved short sale with FHA end buyers. Is it possible to find a lender with no seasoning of the property?
you might look in the archives.. I have seen formula there which use the about of MI.
The seasoning waiver should still be in effect. Details are here http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf and you can find other articles, etc. by googling waivpropflip2010 "short sale".
Even with the 90 day waiver in place I had a recent transaction with BOA FHA funding that was delayed by weeks. BOA questioned the over 20% increase in sale price over the acquisition price. The property was a gut rehab and the timeframe from purchase to sale was nearly 6 months! A 2nd appraisal was finally ordered prior to closing.
Here is an opinion as to why you are having a problem finding information.
http://library.findlaw.com/2000/Aug/1/126123.html
John (LV)
Since the bank holds the paper, why do you think they should have to negotiate? I realize that it may be in their best interest, but I think the borrower has little recourse if the bank decides to foreclose.
DIL is often promoted as a non foreclosure alternative, but used by lenders in less than 4% of foreclosures.
There are plenty of restrictions.
Most DIL negotiations begin with a required 6 month listing and exposure to market at confirmed fair market value by a licensed real estate broker.
There can be no junior liens, and all other liens including propertytaxes and assessments must be paid before the lender would consider accepting a DIL.
_________________
Executive Director SPOCH, a NonProfit Homeownership Advocacy founded 1998
recent books: An Ethical Approach to Short Sales (LULU);
Fight Foreclosure! (Wiley)[ Edited by TheShortSalePro on Date 10/07/2010 ]
Do all readers here really grasp why the bank or other holder of a first mtg cannot always take a DIL?
If there are other encumbrances or liens, a DIL does NOT wipe them out like a statutory non-judicial foreclosure would do....so no matter the good intentions of the delinquent borrower, if the bank cannot rid itself of the other liens w/o formal foreclosure, it MUST formally foreclose.
or negotiate settlement. I was wondering is the cost of foreclosure greater than DIL and settlement(s).
The original situation there was only the 1st left.
The bank is not the county.
If the bank is properly notified about the sale, then the tax sale should be valid. Even if the sale goes through, the bank has a redemption period (120 days?) to redeem the tax lien.
Hello,
I have a similar situation with HAF that is going on foreclosure but the bank already foreclosed on the home last month. What will be the advantage of getting this HAF lien? and being in Texas is this a Deed sale or a Lien sale when it comes to HOA?
Thanks in Advance[ Edited by odalis on Date 10/10/2010 ]