HUD Pre-Foreclosure Sale Program for FHA Short Sales – How to Sell Your Nashville House if You Are Underwater and Have an FHA Insured Mortgage Loan
Many financially distressed homeowners who are facing foreclosure and considering a short sale will be affected by the New FHA Short Sale and HUD Pre-Foreclosure Sale Program Guidelines. One of the biggest changes is that mortgage servicers are no longer going to be able to postpone scheduled foreclosure sales when the Borrower has an FHA insured mortgage loan unless they already have their house under contract to sell to a buyer.
Some background information on the FHA and their short sale program…
The Federal Housing Administration (FHA) of the department of Housing and Urban Development (HUD) insures mortgage loans to qualified borrowers. FHA aims to maintain a stabilized housing market even during economic crisis by providing access to mortgage credit. However, they have seen deep financial troubles and at the expense of taxpayers, the government makes an effort to keep the hopes of home buyers high.
Several of the loans offered by FHA to subprime borrowers have met bad fate. It is believed that FHA insures approximately 30% of the mortgage loans and a collapse in their functioning will have a considerable impact on the housing market. Many of the FHA insured loans have also undergone foreclosure.
An FHA insured mortgage loan can benefit from a short sale program.
What is a Short Sale Program?
For an FHA insured mortgage loan, a HUD Pre-Foreclosure Sale Program (HUD PFS Program) can be adopted. Since FHA is a part of the HUD department, alleviating the pressure of foreclosure becomes easy. With a HUD PFS program, the financial distress upon the homeowner can be mitigated.
Under a short sale or pre-foreclosure program, the borrower is permitted by the lender to sell off the property at a rate lower than the market value thus preventing a foreclosure. Short sale is a privilege that helps protect the borrower from being shelter less and from developing a dent in the credit history. A foreclosure indicates that the lender has undertaken a legal action against a borrower and is forcibly selling off the property, leaving a mark of inability to make mortgage payments in the credit history of the borrower.
Several home owners are not aware of their status: Do we qualify for a HUD Pre-Foreclosure Sale Program?
Who Can Help You?
Jim McCormack, a REALTOR and a short sale and foreclosure specialist can lend his services to help you not only determine whether you qualify for a HUD PFS program, but also to help you at every step of the process. The broker and real estate problem solver has successfully helped many home owners undergoing financial stress.
When the first Loan Servicer to the residents of 604 Kendrick Ct, LaVergne, in Tennessee was the Bank of America, their case for a short sale program was gravely mishandled for a period of several months. Recipient of the FHA insured loan, the 604 Kendrick Ct dwellers gained advantage of the HUD Pre-Foreclosure Sale Program. With the assistance of Jim McCormack, the property was sold in a period of 117 days for $50,000. Both the borrower and the seller were fully released of the mortgage loan.
Seeking the advice and assistance of a REALTOR who has previously handled HUD Pre-Foreclosure Sales Programs, can give the financially distressed borrower an advantage.
Advice and support from Jim can be valuable. With experience in the field, he understands well the mechanism of the real estate market. Jim is unique because he has a compassionate attitude towards his clients and works with complete honesty.
If you require help with a short sale please call Jim today.
Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim’s Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.No tags for this post.