Considering a Short Sale? ...Do You Have a FHA Mortgage?

Aug. 7, 2011 - PRLog -- www.fhaforeclosurehelpdesk.com - When Ready to sell your Southeastern Michigan property – But … you owe more than the mortgage than the property will for, we can help. Call us to discuss your Short Sale options. Southeastern Michigan Short Sale Specialist.  

YOU MAY BE ENTITLED TO $1000 CASH BACK ON YOUR SHORT SALE!!!!

FHA short sales are a great process. A very specific process has been established by HUD (Department of Housing and Urban Development) that is required to be followed when doing an FHA short sale. This causes the lenders to adhere to specific steps and moves the process along much easier.

WHAT IS IT – AND HOW DOES IT WORK?
1.   FHA requires at least one of the owners to be occupying the home at the time of short sale.
2.   The seller MUST be at least 31 days delinquent on the loan.
3.   The seller must inform the lender of intent and follow appropriate steps prior to accepting offers on the home. This is the pre-foreclosure program which allows the lender to order an appraisal. The appraisal then sets the fair market value of the property. The HUD form 90045 will state the appraised value and is issued to the seller.
4.   The seller has 90 days to sell their home under agreement terms from the acceptance date into the pre-foreclosure sale program. During this time, the lender is required to postpone foreclosure proceedings.
5.   The minimum net proceeds (this would be purchase price minus all closing costs, realtor commissions, liens and judgments, etc.) to the FHA 1st mortgage is based on the time line below. NOTE: EXCLUSIONS TO CLOSING COSTS: The closings costs paid by the lender SHALL NOT include a home warranty, HOA delinquent dues, HOA transfer fees or the water/sewer escrow. The $1000 incentive to the seller may be used for these costs.
“As-Is” Appraised Value AND Length of Time From Date of Approval:
Less than 30 days = 88% 30-60 days = 86% 61+ days = 84%.

AND – HERE’S THE BEST PART – According to these guidelines FHA will issue $1,000 to the seller provided they are under contract AND CLOSE within this 90 day period! If the seller is under contract during the 90 day period, but fails to close until after the 90 days, the incentive is reduced to $750.000.

In the event that there is a payoff due to a junior lien holder (such as a mortgage payoff), FHA will allow up to $2500 going to the lien holder, but the seller will forfeit the $1000.

If the buyer is using conventional financing, HUD will not pay buyer closing costs. If the financing is FHA, a maximum of 1% closings costs will be paid on behalf of the seller. Bidding up the purchase price to cover concessions will not be permitted. Again, the $1000 incentive may be used in these cases to achieve the balance required to close.

For more FHA Short Sale Information visit  www.fhaforeclosurehelpdesk.com

Think you might qualify? Or would you like to discuss other mortgages Short Sales and options for your short sale in Southeastern Michigan call us at Toll Free 1-800-274-5656 or visit or website www.miforeclosurehelp.com?

“It takes more than an agent to properly work short sales. It takes a skilled Short Sale Help team”, says Rick Giese, leader of Southeastern Michigan Short Sale Help team. “I have surrounded myself with talent from my administrative staff to our Short Sales to a closing. Our goal for you is to keep our eyes on the transaction so it keeps moving through the process in a timely manner. Our short sale team is skilled, experienced, determined, and driven. We will get the Short Sale deal done”

Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County

IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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As one of Southeastern Michigan leading Short Sale experts. Rick Giese wrote this article to Help ensure that homeowners were and are being given sound advice about How to Stop and Avoid Foreclosure