West Sacramento Short Sale Agent, Default Advocate, Distressed Property Expert and West Sacramento Short Sale Specialist Mike Rigley here
bringing you the latest West Sacramento Short Sale Information. Thank you
for joining us. Today let’s talk about FHA West Sacramento Short Sales
FHA is a weird duck for West Sacramento Short Sale to say the least.
The technical term for a FHA Short Sale is PFS or Preforeclosure Sale Program and
because it is a government program the level of detail required is beyond
ridicules but what else would you expect. So what is required to qualify for a FHA West Sacramento Short Sale or PFS? That
part is easy to answer.
The sale must be an
Arms- Length sale meaning you can sell the property to a family member or close
friend
With VERY Few exceptions
the property must be owner occupied and no strategic defaults, “walk aways” or
investment properties are allowed
The mortgagor must be 31
days delinquent at the close of escrow but should never be encouraged to
default on their loan – tell me how that makes sense but ok
The Mortgagor must
provide documentation substantiating a reduction in income or an increase in
living expenses and documentation they must vacate the property
The maximum a mortgagor
can receive for relocation assistance is $1000 and FHA will only allow a 1% credit for the
buyers closing casts if it is a new FHA loan – so pretty different from a
tradition West Sacramento Short Sale
FHA will also only pay up to $1500 to clear
a second lien where most other West Sacramento Short sales will cover 6%
give or take.
If the Mortgagor is
deemed eligible for the FHA West Sacramento Short Sale an
Authorization To Participate, or ATP as it is commonly referred to, will be
issued detailing the terms of the West Sacramento Short sale including the
minimum net the servicer can accept.
Is a West Sacramento Short Sale right for me?
To get a better idea of when your West Sacramento home will be worth what you owe,
log in to www.shortsaleandloanmod.info for a free
estimate or call me today for a free no obligation consultation or for the
latest West Sacramento short sale information. Call me
today and sleep better tonight; you’ll be glad you did.
No comments:
Post a Comment