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14 Things You Should Know About Fha Short Sale Guidelines

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Fha Short Sale Guidelines
14 Things You Should Know About Fha Short Sale Guidelines - Fha short sale guidelines must be followed in order to do a smooth short sale when dealing with Federal Housing Administration.

Who Qualifies For A Fha Short Sale
You qualify to do a fha short sale if you own a house and it is insured via Housing Urban Development (HUD) or Federal Housing Administration (FHA) .

FHA Short Sale Guidelines – 14 Things You Need To Know And Follow :

  1. Your house has to be listed with a real estate broker that is not related
  2. Payments must be the minimum thirty-one days past due when your house is sold
  3. Your home must be in the market for a minimum of 4 months
  4. You must live in your home (Exceptions made if not working, transfered jobs, divorced, etcc)
  5. Broker services fees cannot be greater then six percent
  6. You’ll have to be pre-qualified in order to be able to shortsale your house
  7. You must be able to prove why you are unable to pay your mortgage
  8. Housing Urban Development (HUD)  will give the purchaser up to ” One Percent ” of the total mortgage amount to help with closing fees dependent if your mortgage is insured by Federal Housing Administration
  9. Title insurance, warranties any points will not be payed by Housing Urban Development (HUD)
  10. Your shortsale has to not be sold to a relative or referred to as a  “arms-length” transaction
  11. Housing Urban Development will pay out to the lender as high as $1k if they can close in three months from the date of your app
  12. Housing Urban Development will pay up to Fifteen Hundred Dollars to discharge any 2nd liens $1,500 after the main  lender has been covered with their incentive.
  13. You must not purposely default on your mortgage loan just to do  a short sale
  14. Your home cannot be an investment piece of property

After you have reviewed the fha short sale guidelines, you need to slow down a little and make sure this is the best alternative to take to stop foreclosure.

You see the short sale experts don’t want you to know or won’t tell you as I am about to tell you…  ” that short sale should be used as a last option to avoid foreclosure ! ” They do not wish to discourage you from moving ahead with a short sale since they will lose money if they can help you shortsale your home . So you may want to discover what this article reveals to you  ” Should I Short Sale My House ” before moving forward with your shortsale and making a costly mistake you and your family will pay for.

Do you really know all your options?  Have you skipped any options by mistake ? Are there any special program options that are not widely known to home owners facing foreclosure?

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