Well, it's pretty doubtful that HUD is reading my blog posts. So I'm going to assume that I'm not the only one seeing the flaw in a portion of the changes that were announced. Therefore I'm happy to ammend my previous blog statement regarding buyers and sellers. HUD has issued and update to it's most recent announcement.
The U.S. Department of Housing and Urban Development (HUD) in 2013-34 Mortgagee Letter has announced they are delaying, until further notice, a portion of the preforeclosure participation requirement on Federal Housing Administration (FHA) Short Sales.
Key preforeclosure participation requirement that is now delayed:
- The FHA is delaying the prohibition on dual agency/brokerage that was included in Mortgagee Letter 2013-23. As revised by the FHA's new announcement, brokers and their agents may continue to represent both the buyer and the seller in FHA short sale transactions, but the existing arm's-length requirements remain in effect.
*Please refer to pages 7 and 8 of HUD's 2013-23 Mortgagee Letter for preforeclosure participation delays and more information
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