But, how do you determine whether or not you have an FHA loan?
Here is the best way that I have found to do this. Look up your mortgage on the public records in your county. You can usually access the public records online.
Just Google, "County, State Public Records." For example, if we Google "Cook County Illinois Public Records", then you will get the clerk of court's website on the second link.
Most realtors will know how to look up this information. If not, then they will know a title company that can do the research for you. Once you access the public records you will want to pull up your mortgage.
If you have an FHA loan, then on the first page of the mortgage, there should be a small square and inside the square, it will say "FHA Case Number 091-4242640-
FHA's Short Sale Guidelines are covered in a letter they end out to all the lenders that are handling their loan. Whenever they make a change to the guidelines, they send out a Mortgagee Letter.
They issued a new Mortgagee Letter at the beginning of the financial crisis that made a lot of changes to how they handle short sales. That letter was called "Mortgagee Letter 2008-43."
You can Google that if you want to look at a copy yourself. On page 5 of Mortgage Letter 2008-43, it specifically states that if you short sale or attempt to short sale, then you will be released from the debt.
Here is an excerpt from the letter:
Mortgagors, acting in good faith, who successfully sell their properties using this option are relieved of their mortgage obligation and are entitled to a consideration of $750. If the closing occurs within 3 months of the approval to participate, the mortgagor will be entitled to $1,000. Unless the mortgagor’s consideration is required to release junior liens, the mortgagor may elect to accept cash paid at closing. The mortgagor may also apply a portion of or the entire amount of consideration to offset sales costs not paid by HUD; including a home warranty plan fee, costs of optional repairs, and buyer’s closing expenses. If the PFS is unsuccessful and foreclosure occurs, mortgagors who participate in the PFS Program in good faith will not be pursued for deficiency judgments by the mortgagee or HUD."
The main requirement to being allowed to participate in the program is that the property cannot be an investment property and that the homeowner has to have a genuine hardship.
Looks like a good way to wipe out some upside down mortgage debt. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at email@example.com. I will contact you for a free consultation.
See Juliana's experience: http://youtu.be/
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me Rick Giese at Toll Free 1-800-274-5656
Thinking about a loan modification?
Visit My Loan Modification Website www.miloanmodhelpdesk.com/
Visit My Short Sale Website www.miforeclosurehelp.com/
Visit My Short Sale or Stay Calculator Site www.mishortorstay.com
Thanks for reading this, Rick Giese.
Rick is a Real Estate Associate Broker at RE/MAX Advisors. Macomb, Oakland and Southern St Clair County Short Sales Realtor:
Phone: 1-800-274-5656. firstname.lastname@example.org.
View My homes for sale at http://www.rickgiese.com/
Rick Giese specializes in loan modification assistance and short sales in the Macomb, Oaklandand southern St Clair County Areas of Michigan. MacombLoan Modification Help, MacombShort Sale Help. Oakland Short Sale Help Macomb and OaklandCountyMIour 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.