West Saramento Short Sale Information – FHA West Saramento Short Sales PART I

West Saramento Short Sale Specialist, Default Advocate, Distressed Property Expert and West Saramento Short Sale Agent Mike Rigley here bringing you the latest West Saramento Short Sale Information. Thank you for joining us. Today let’s talk about FHA West Saramento Short Sales.

Now we have completed well over 100 short sales since 2010. We have cleared 1st, 2nd and even 3rd liens on a property. We have cleared State and Federal tax liens. We have cleared UCC-1 liens and have worked with most lenders from credit unions to private lenders to the big five- Wells Fargo, Chase, Bank of America, Citi and Ally / GMAC. We have even worked with some of the toughest servicers like PNC and Green Tree but I have to say that our most challenging West Saramento Short Sales are those where the loan is FHA insured.

You see the Department of Housing and Urban Development – HUD as they are commonly called have different rules to participate in an FHA insured West Saramento Short Sale and every lender is different in how they handle the process.

In an FHA West Saramento Short Sale the homeowner must first be approved to enter the FHA short sale program before the file will even be reviewed. The interviewer may suggest a loan modification is the better route and steer the file in that direction.

Once approved for the FHA short sale program the financials will be further reviewed and a value for the property established. If all checks out FHA will agree to what is referred to as an ATP or Authorization to Participate. The ATP will dictate the terms of the short sale and what the minimum they will accept in the West Saramento Short Sale.

With the ATP in hand, if there is already an offer the servicer will then review the offer and if it meets all requirements, approve the West Saramento Short Sale. Typically the process should only take 60-90 days but our experience is it can and usually does take far longer. It is going to greatly depend on not only the servicer but the specific negotiator as much as anything else.

Next time we’ll talk about the specific requirements of an FHA West Saramento Short Sale

Is a West Saramento Short Sale right for me ?

To get a better idea of when your West Saramento 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 Saramento short sale information. Call me today and sleep better tonight; you’ll be glad you did.