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.
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.