HUD SHORT SALE GUIDELINES

Gene Yakubovich (G.E.M. Consultants Co) — Thu, 18 Dec 2008 20:15:17 -0800

I just got the approval for the property that loan (s)is over $ 500K and approval came $ 119,000 and it was not owner-occupant property, but initial loan was for the owner-occupant. First loan was originated 5-6 years ago as an FHA insured and it was about $ 300K.

Gene

www.gemconsultants.net

Via Wendy Rulnick "Its Wendy!" Destin FL Real Estate (Rulnick Realty, Inc.):

Here is a summary of the requirements for an FHA-insured Short Sale:

The borrower must be delinquent at least 3 months.

Net proceeds of the offer should be at least 82% of appraised value.

The appraised value should be at least 63% of the mortgage.

The mortgagor must be an owner-occupant.

There is verification of the borrower's decrease in income showing inability to pay the mortgage.

The property was marketed in such a manner that an offer for fair market value could be obtained.

More details can be found on the U.S. Department of Housing and Urban Development website. The site provides many helpful links for those in financial trouble. Remember, these guidelines apply to FHA-insured loans only, and there may be some latitude in those requirements. These guidelines are subject to change.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

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Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *HUD SHORT SALE GUIDELINES* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.
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HUD SHORT SALE GUIDELINES