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Anyone Know How to Get Thru TO HUD for A Short Sale?

By
Real Estate Agent with Frank Rubi Real Estate

I now know why people are walking away from their homes and letting them foreclose instead of short sales.  We have a bank mitigation officer that wants to approve the sale of the home but he can't get an answer from HUD.

The listing agent and I spent most of the day calling HUD  and being treated rudely and told it's not my job and that the bank should be calling not us.  What bank has all day to spend on the phone working on one file?

I honestly think this home will foreclose before it ever sells as a short, thanks to HUD.  I can't imagine a government agency running our healthcare a few years from now.

Question to my fellow active rainers.  Does anyone know of a secret HUD number that I can call?  Sure could use your help to close this one.

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Mary Macy
Top Agents Atlanta Metro - Roswell, GA
Top Agents Atlanta Metro

I am not sure why HUD would need to be involved on a Short Sale.  If the Bank agrees to take a sales contract and they agree to take less than what is owed, they write off the difference.  It usually does not make a difference if it is insured by HUD or Conventional.  Since we quite doing Short Sales here in GA because of the SAFE Act, I can't think of a reason the lender needs to talk to HUD.  They either take the contract short or they foreclose???  HUD insures the loan, if the loan is estinguished by the Short Sale, what would HUD have to do with anything???

Sep 14, 2010 04:27 PM
John Pusa
Glendale, CA

John - I think, HUD shortsale is same as non HUD insured loans. I will search and let you know. if I found a contact for HUD.

Sep 14, 2010 05:17 PM
Ken Tracy
Coldwell Banker Residential - Naperville, IL
Helping clients buy and sell since 2005
Hi John, I just wanted to stop by and say "Hi!" Unfortunately, I don't have a secret HUD number... I hope all is well, Ken
Sep 15, 2010 12:43 AM
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

I wish I had one for you John .... 

Sep 15, 2010 03:59 AM
Ryan Case
Pacific Servicing - Temecula, CA

If its anything like their REO department, RUN FOR THE HILLS! Haha

Sep 15, 2010 04:10 AM
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

Thanks for all of the replies.  It seems the bank can't approve the sale until it gets an OK from HUD on this particular house.

Sep 15, 2010 05:38 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

I came with the impression that HUD short sales are easier than most :-/

I wish I had something for you!

Sep 17, 2010 12:37 PM