CALL 888-558-5856 FOR NATIONWIDE MORTGAGE ASSISTANCE FOR BORROWERS AND PROFESSIONALS!! Info@BorrowerVsLender.com

An FHA Short Sale can be both easy and extremely complicated to complete , like all Short Sales are, no one short sale is identical and there are multiple factors, parties, and guidelines to navigate through like a mine field. Without a map/experience to navigate through these systems with confidence your FHA Short Sale can blow up and go up in flames. Its recommended to obtain FHA Short Sale Help from a professional that will not charge you for any FHA Short Sale Help.

What is FHA ? Who is HUD ?

FHA stands for the US Federal Housing Administration which is a part of HUD ( HUD stands for Department of Housing and Urban Development ) whom provides mortgage insurance for FHA-approved lenders.These loans are normally given to first-time home buyers that cannot afford the conventional 20% down payment. For First time home buyers or any buyers who wouldn’t be able to afford a typical down payment and may not qualify for private mortgage insurance. Typically with FHA you can obtain a loan with as little as 3% down.

What is an FHA Short Sale ?

An FHA Short Sale like a conventional Short Sale is the sale of real property that does not generate enough proceeds to pay off the loans recorded against the property due to the subject property being underwater. An FHA Short Sale requires the approval from HUD , HUD will allow a borrower to sell their home for less than what is owed and agrees to accept a certain percentage of the homes appraised value, FHA has very specific set guidelines as to what “net” they will allow the mortgage servicer to approve.

5 Things You Must Know Before Completing An FHA Short Sale

  1. If the Loan is more than 40 payments delinquent the borrower is only eligible for home retention options and a Short Sale is not an option.
  2. HUD requires a borrower  to be reviewed for a loan modification/home retention options and declined first before allowing the borrower to pursue a short sale.
  3. The property cannot be vacant for more than 12 months, If the home is vacant for more than 12 months you aren’t eligible unless you have been relocated for employment. It is possible to request that FHA make an exception to this rule by reviewing a variance. variances are approved on a case-by-case basis.
  4. Rental properties are not eligible but variances may be made for rental properties if you can show that the property was not purchased as a rental, that it was not used as a rental for more than 18 months, and that the reason for vacating was related to the cause of default (for example, job loss or transfer, divorce or death).
  5. The homeowner must be in default, or soon be in default, as a result of an adverse and unavoidable situation.

 

 

 

...

How Can I Obtain FHA Short Sale Help ?

  • Call Us For Free Consultation 888-558-5856
  • Complete the Form Below to get an Email and Phone Call from our Team

Your Name (required)

Your Email (required)

Your Phone Number

Your Message

FHA Short Sale Help : 5 Things You Must Know Before Completing An FHA Short Sale by