If you are like many out there that are struggling to make your mortgage payments and have an FHA loan, there is good news. The government has rolled out a new program that Pre-Approves Short Sale prices for homes where the loans are backed by FHA. In order to qualify, you will first need to make sure that your loan is an FHA loan. This is easily determined by either looking at your mortgage statement or your closing statement. If you are charged and pay PMI mortgage insurance, then you have an FHA loan. Otherwise, you can call your lender or servicer and they will indicate whether it is an FHA loan.
ELIGIBITLY
The difference between this Pre-Approved FHA SHORT SALE and a traditional short sale, is that the borrower is not required to have a contract for Sale and Purchase in order for the lender to start working the file. Rather, the borrower can contact us to apply for the short sale, we will request from the borrower and submit financial documents to substantiate the financial hardship. Once the lender has the borrower’s financial information, they will order an appraisal by and FHA certified appraiser that will determine price. Once the fair market value is determine and the lender further determines what they need to net from the short sale, an approval letter is sent out to us with the listing price, or minimum they will accept. ITS THAT EASY!
TIMELINE
From beginning to end, the process is taking between 30 to 40 days and is hassle free. Moreover, it takes the work away from the realtors of having to play with the numbers and comparables, since the bank will advise what number they need to net from the short sale closing.
MONEY GIVEN TO BORROWER
And even greater news is that the borrowers usually obtain a $1,000.00 incentive check for their own moving expenses.
There are other qualifications that are required of the borrowers. We invite you to call our office to discuss your options and allow us to negotiate your short sale for you.
The Law Offices of Jacqueline A. Salcines, PA,
706 South Dixie Highway, Second Floor, Coral Gables, FL 33146
Telephone 305 . 669 . 5280 Email: J.Salcines@Salcineslaw.com
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