Can I go right into an FHA short sale of my Overland Park home if I have an FHA loan?
In our prior post, "You want to short sell you Overland Park home & you have an FHA loan", we talked about how the Department of Housing and Urban Development (HUD) has to determine eligibility to participate in the short sale program. So, knowing this helps in answering the question of can I go right into an FHA short sale of my Overland Park home if I have an FHA loan? As part of determining eligibility to participate, HUD requires that the homeowner has considered all home retention options prior to finding that a short sale is the best available option.
As part of considering all home retention options, the homowner will need to complete the modification review process with their lender before being considered for an FHA short sale. This is an important first step and will be initiated by the homeowner by contacting their lender and indicating that they are desirous of initiating an FHA Preforeclosure Sale.
Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.
Because we specialize in selling Overland Park homes and in short selling homes with an FHA loan, contact us for more information as to the requirements for short selling your home.
Kansas and Missouri Short Sale real estate agent having successfully closed a number of short sales with Bank of America, Chase, Citi, US Bank, Wells Fargo, BBT, and others.
(There are potential taxconsequences that should be discussed with a tax professional. Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently before you short sell your Overland Park Home & you have an FHA loan.)
(image courtesy digitalart-FreeDigitalPhotos.net)
Again, in order to answer the question of "Can I go right into an FHA short sale of my Overland Park home if I have an FHA loan?" you will want to first contact your lender to complete the modification review process and any other home retenetion options available to you.