Its Christmas eve and Kevin Kauffman of Group 46:10, Arizona’s Premier Short Sale Team, and Coach Collard discuss FHA Short Sales. There are two steps to this process 1- pre approval (or agreement to participate) 2 – Lender/Servicer approval.
Also don’t forget that today is the last day to enter to win your very own pair of Group 46:10 flip flops…so don’t forget the special word in your comment.
Do you guys think they will ever do FHA short sales in REOTrans? Or Equator as they call it?
That’s a good question Kevin. I honestly don’t know. My guess is that some of the loans these banks service give them the freedom to service them however they’d like, as long as the decision is being made based on their ‘guidelines.’
In the case of FHA, it wouldn’t surprise me if it dictates that the servicer processes them a certain way and therefore wouldn’t allow REOTrans or Equator to be apart of the process.
If we hear more on this we’ll let you know!
Here is a post from Youtube: Guys I loved the video! The tips provided on FHA Shorts for 2010 is on time!
I will follow and i? have posted this vid on my blog. Happy New Year
By: frankiemozell
Thanks much. Closed my first FHA thru Chase on Tuesday and it was a bear. Seller got $1000K back and FHA got 88% of their value, which was inflated.
FHA loans are starting to default with rapid speed and their guidelines are immovable (it seems) that I don’t see how Reotrans Equator could handle the volume considering their software platform would have to be changed AGAIN to accomodate the FHA guidelines and volume of loans. Howz that?
Cheers to a good day