Short Sale with Ctimortage

I submitted an offer with my SS package and later found out the loan is a FHA loan. My offer is less than 82% discount for a FHA. Should I send in the new HUD-1 offer dicounted by 82% or should I wait to talk to the assigned loss mitigator later on today and tell her I would like to send a new HUD-1?

You should wait to talk to the loss mitigator because FHA has a rule that talks about the appraisal falling below 63% of loan balance.

If the BPO falls below that, your deal is dead and they will just file claim to recover their money. In other words, the lender won’t be able to sell to you.

Best Regards,
Jeff Adam

Jeff or anyone can I do this without filing a HUD-90036?

Can somebody tell me about this 82% secret number. Is it 82% of orginal loan, 82% of remaining loan or 82% of market value or something else?

Thanks for yiur time and help.