FHA financing available to borrowers after "short sale"

By
Mortgage and Lending with Home Funding Corporation

Realtors,

December 16 the department of Housing and Urban Development released a mortgagee letter 09-52 explaining Short Pay Offs and Short Sales. Even though I've heard it's a long and arduous process surrounded by a black cloud some of my Realtor partners have asked me to do more research and find any open windows.  As I find more information I'll post it and if some of you also find out more information please post it as well.. This could be a great opportunity..

 

I am going to copy and past word for word a section of the mortgagee letter for your review.

 

Date: December 16, 2009

To: All approved Mortgagees

Mortgagee letter 09-52

               ____________________________________________________________________________

subject     Short Sale and Short Pay Offs

              _____________________________________________________________________________

Purpose    This mortgagee letter provides guidance to lenders and underwriters regarding borrower eligibility when

  • a previously owned property was sold for less tha what was owed(Short Sale), or
  • there is Principal write down of indebtedness that cannot be refinanced into a new mortgage (Short Pay)

              ____________________________________________________________________________

Effective Date: This guidance is effective immediately.

              _____________________________________________________________________________

 

 I will a link to the mortgagee letter so you may reference..  

 

Have a great day everyone..

 

Ray

 

 

 

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