- Average Days from Notice of Default to Notice of Trustee Sale
- Average Days from Notice of Trustee Sale to Trustee Sale
- Total Average Days in Foreclosure
- Time To Acknowledge
- Time to Approve
- Full Release Available
A new angle. We hear that American Home Mortgage has implemented a short sale administration fee of 1% of the purchase price that is charged to the buyers for processing the short sale. The fee is over and above the amount of the total sales price. So, it likely goes to the servicer, and not the investor. The problem is that it probably can’t be financed, and it is probably not an allowable buyer expense on an FHA financed transaction.
Communication is inconsistent. Sometimes it will be good and other times it will be poor. Make sure you read your approvals carefully. We have heard that they have added a $5,000 closing cost fee to the approval that was not mentioned on any previous documents.
They also now handle the Option One portfolio.
You can find them by going to www.ahmsi3.com or you can call their home retention team at 877-304-3100
Contact Info: Loss Mit Dept
Phone:(800) 648-9605 or (888) 275-2648 or 877-304-3100
Fax: (949) 790-8545
https://www.ahmsi3.com/servicing/BAT_solutions.asp (direct link to required docs and checklists)