Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Changes to the FHA Short Sale Process
Essentially, HUD (our federal government) has determined that their way of helping the homeowner is to dramatically reduce the opportunity for FHA borrowers to successfully complete a short sale.  The 82% net to lender rule that has always been in place is out the window now.  Is this what they are doing with our $750 billion dollars?  There are several points to these new guidelines that should be thoroughly considered. 
 
For one, I am not at all thrilled about the new “required” language which essentially nullifies our listing agreement.  I believe this is something that the mortgage companies must have lobbied for.  They have been fighting hard to talk homeowners into a Deed in Lieu of foreclosure.  This gives them the power to do so.  My experience has been that homeowners do not “get” the fact that it is not in their best interest unless it has been determined that there is absolutely no other way to avoid an all out foreclosure.  Unfortunately, the deed in lieu takes time and cannot be processed at the last minute.  We have saved a lot of homes at the last minute that would have been easy to give up on.  That never ... more

__________________________________________________
Are you on The Rain? Grow Your Network!