You don't have to be late on payments to do an FHA short sale!

This week I had a client relate to me that her bank had again emphasized that she had to be late at least 31 days to qualify for a short sale. This was for an FHA short sale.Confused about short sales? Call a short sale specialist.

Not true! The bank customer service rep was WRONG!

I have proof that you do not have to be late on payments, even with FHA loans. I am working with an approved FHA seller who has never been late on his loan. When his sale is complete, he would qualify for a new FHA loan because he has made his payments on time, even though it has been terribly hard to do.

Please, please, please do not skip payments in order to qualify for a short sale! If you have a true hardship, such as a relocation, divorce, death, job loss, etc., if your house is worth less that you owe, you may have enough of a hardship to qualify for a short sale.

Don't throw in the towel because "someone at the bank who ought to know" told you it was a requirement to be late on your payments. It is not an FHA rule.

If you have questions about pursuing a short sale on your home, I truly hope you will call me. I have the training and experience, and I can say I am a short sale specialist in Ohio.  Good advice at the right time can make a world of difference for you and your family's financial well-being.

I repeat, you don't have to be late on payments to do an FHA short sale!

Dawn Maloney, REALTOR®, CDPE, CDRS Elite, Member of The Institute for Luxury Home Marketing
RE/MAX Haven Realty

Best Listings from Dawn Maloney, REMAX Haven Realty    Direct:  (330) 990-4236         Email: dawn@dawnsold.com

"Distinguished by Service" Helping home buyers and sellers in Summit, Portage, Stark, Medina, Wayne, Lake, Geauga and Cuyahoga Counties since 2003. Dawn Maloney, REALTOR® | RE/MAX HAVEN| (330) 990-4236 | All content ©2006-2013 by Dawn Maloney, REALTOR® unless otherwise noted.

Disclaimer: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.

 

 
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6 Comments on You Don't Need To Be Late On Payments To Complete A Short Sale!

APR
20
2010
447,422 Points 1 Featured Post Localism Sponsor

I usually get 2 or 3 different replies to the same question when I call a mtg company.  Good stuff Dawn.
11:44pm • #1
330,653 Points 16 Featured Posts Called Shot Master

How well I know it Larry! The conflicting information is so confusing and detrimental to homeowners!
11:57pm • #2
APR
21
2010
106,419 Points 1 Featured Post

Dawn,

Your absolutely correct. I don't understand, why banks are telling their clients they need to be late. They need to show a hardship.
1:16am • #3
APR
22
2010
186,509 Points Outside Blog

Youa are so right! Great blog, you have got the skills......
6:51am • #4
APR
28
2010
110,911 Points 3 Featured Posts Outside Blog

You are right!  I've closed quiet a few without the homeowner being late on payments!
1:47pm • #5
APR
29
2010
330,653 Points 16 Featured Posts Called Shot Master

Thanks Marcus!

Mike, what do you do when the lender demands that the seller be 31 days late??? I have one that is doing that now.
1:03am • #6


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Dawn Maloney 330-990-4236 Hudson Stow Cuyahoga Falls Silver Lake

Hudson, OH

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RE/MAX Haven - Northeast Ohio Real Estate Specialist

Address: Hudson, OH, 44236

Office Phone: (330) 990-4236

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