Posted by rm on November 28, 2004 at 17:56:54:
It may be hearsay, but I have been told that:
1- They’ll only be paid a percentage- they’re not paid 100% of the shortfall.
2- If the loan defaults within the first 12 months, the lender is paid nothing.
3- I’ve also heard- more than a few times- that lenders will often take as little as 82% of the BPO.
Again, my experience in this case, with this lender, contradicts the above…
True or False? HSBC says… - Posted by rm
Posted by rm on November 26, 2004 at 08:20:20:
“We don’t accept short sales on FHA loans after the sheriff’s sale has passed.”
(We have a six month redemption period.)
I say, “False.”
Anyone worked with HSBC (formerly Household) on FHA shorts?
I’m looking for contact information for anyone within HSBC with some know-how and a tad of initiative.
Thanks!
Re: True or False? HSBC says… - Posted by Blane (MI)
Posted by Blane (MI) on November 26, 2004 at 21:59:34:
There likely isn’t a bank out there (there may be an exception somewhere) that will do a short on an FHA loan. None I’ve dealt with will even consider it. As David says, they’ll get fully refunded by the govt. so there’ absolutely no incentive to do so. Move on to the next one.
Blane
Re: True or False? HSBC says… - Posted by David Krulac
Posted by David Krulac on November 26, 2004 at 08:32:45:
there’s not any incentive for them to short since FHA is going to pay them for their mortgage. so HSBC gets paid without having to short. I have one I’m dealing with them now that’s not FHA and they are stubborn.