If you have an FHA mortgage then you might qualify for your lender to “pre-approve” your short sale with what is called a “Pre-Foreclosure Sale.” I can’t tell you specifically how the two are really different at the end of the day. However, I can tell you that we are closing short sales in record time thanks to the FHA process and guidelines.
What are the benefits outside of the quick closing? The Seller can sometimes get up to $1,000 at the closing for moving expenses!
One side note is that if your Servicer/Lender is unresponsive, like Bank of America, you have to actually APPLY by calling and specifically requesting to Apply for the FHA Pre Foreclosure Sale plan. They’ve got 60 days to review your application.
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