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FHA Short Sales Yuba City Short Sale Agent and Default Advocate Mike Rigley

June 25, 2012

www.shortsaleandloanmod.info Yuba City Short Sale Agent and Default Advocate Mike Rigley brings you the latest Yuba City short sale information. Today he discusses FHA Short Sales in Yuba City Let’s talk about FHA shorts sales in Yuba City. Yuba City 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 Yuba City 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

www.shortsaleandloanmod.info Roseville Short Sale Agent and Default Advocate Mike Rigley brings you the latest Roseville short sale information. Today he discusses FHA Short Sales Let’s talk about FHA shorts sales in Roseville. Roseville 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 Roseville 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 hardship
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