Do You Have An FHA Mortgage? Short Sales Are A Breeze

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.

Related Atlanta Short Sale posts:

• Short Sale Mortgage Checklist If you’ve bought a home in the last 3 years...
• Short Sales – Top 3 Worst Banks To Deal With Not Named Bank Of America As the leader in Short Sales in Georgia, we’ve  developed...
• Short Sales Are Frustrating – USA Today This is an excellent article on why you need to...
• Click Here Search for Homes In Georgia

Tagged as: bank of america, FAQ, fha, foreclosure, hud, misconception, pfs, pre-foreclosure, Preforeclosure, short sale, streamline