hud short sales: Major Changes to FHA HUD Pre Foreclosure PFS Short Sales
- 11/25/13 10:02 PM
Do you have an FHA HUD mortgage and live on the Emerald Coast of Florida? If you do and have problems making your payments, HUD has new short sale program changes that might help you. Here is a summary: There are now two options for a HUD Pre Foreclosure Sale (PFS), which is a HUD short sale. They called the "Standard Option" and the "Streamlined Option". Streamlined PFS Option - Non-owner occupants must have a credit score below 620 and be 90 days delinquent Military Service Members, for example, from Eglin Air Force Base, Hurlburt Field You are PCSing more than 50 miles from … (3 comments)
hud short sales: Crestview Short Sale Approved By GMAC as HUD / FHA Short Sale
- 12/02/09 08:13 AM
This beautiful home at 610 Adams Drive, Crestview Florida was just approved for short sale by GMAC. Mortgage Type: FHA /HUDApproved Price: $115,000 Approval Time: 108 DaysSales notes: Since this was an FHA/HUD short sale, special procedures had to be followed. The seller was required to write a letter explaining why the home was vacant. FHA short sales typically require the owners to occupy the property. In addition, because of the HUD short sale guidelines, the approval stated the sellers would receive $1000 upon closing. Do you need to sell your FHA-insured home as a short sale? Here is the updated summary of requirements for HUD … (11 comments)
hud short sales: How to Sell Your HUD Short Sale Home
- 04/04/09 08:43 AM
Do you need to sell your FHA-insured home as a Short Sale? Here is the updated summary of requirements for HUD Short Sales, also called "Pre-Foreclosure" Sales: You (the borrower) must be delinquent 31 days or more at the time of sale. You must list the property with an un-related Licensed Real Estate Broker You must actively market the property for four months (up to six). For the first 30 days of marketing, the short sale lender (mortgagee) may only approve offers that will result in a minimum net sale proceeds of 88% of the "as-is" appraised Fair Market Value (FMV). During the next 30 days … (10 comments)
hud short sales: 12 Keys to HUD Short Sales
- 10/15/08 06:43 AM
Since writing my post on HUD Short Sale Guidelines I have received numerous calls and comments requesting more information. I am providing the following points directly from the Department of Housing and Urban Development, along with my discussion of items of note. August 25, 2008 PREFORECLOSURE SALES PROGRAM (Wendy's Note: HUD uses the term "preforeclosure sale" for "Short Sale".) Sale must be an "arms length" transaction. *Wendy's note: Arms length means independent parties, e.g. not related, you cannot sell to your brother. HUD will pay "all reasonable cost of the sale including up to 6% sales commission, local/state transfer tax stamp and other … (18 comments)
hud short sales: HUD SHORT SALE GUIDELINES
- 02/08/08 07:43 AM
Do you own a HUD-FHA financed home, and need to do a Short Sale? Here is a summary of the requirements do perform an FHA-insured HUD Short Sale or "Pre-Foreclosure" Sale: You must be delinquent 31 days or more delinquent at the time of sale. You must list the property with an un-related Licensed Real Estate Broker You must actively market the property for four months (up to six). For the first 30 days of marketing, the short sale lender (mortgagee) may only approve offers that will result in a minimum net sale proceeds of 88% of the "as-is" appraised Fair Market Value (FMV). During the next … (32 comments)
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