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FHA Short Sales Woodland Short Sale Agent and Default Advocate Mike Rigley

July 5, 2012 Woodland Short Sale Agent and Default Advocate Mike Rigley brings you the latest Woodland short sale information. Today he discusses FHA Short Sales in Woodland Let’s talk about FHA shorts sales in Woodland. Woodland FHA Short Sales are a little different than traditional or HAFA short sales in that they are overseen by the Department of Housing and Urban Development or HUD. HUD rules and guidelines are unique. The HUD program is known as the Pre Foreclosure Sales Program or PFS for short and the General Guidelines are • The Woodland short sale must be an owner occupied sale • Must Be an Arms-Length transaction • Must be an as-is sale • HUD allows for a 1% seller credit for the buyers closing costs if they are getting a new FHA loan • HUD will allow 00 relocation assistance to the mortgagor. In the case of loans serviced by Bank of America the amount could be as high as 00 under a separate settlement between HUD and B of A. • HUD allows only 00 towards the release of junior liens – which could be a sticking point depending on the amount of the second if there is one • HUD also requires the borrower to be 31 days or more delinquent on their mortgage at the closing to be considered. At the same time the guideline clearly states that, and I quote, “Under no circumstances should the mortgagor be encouraged to default on their loan for the purpose of participating in the Preforeclosure Sale Program”. Go figure… • HUD does look for

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