You Might Qualify For A FHA Mortgage Short Sale in Macomb County MI... Rick Giese FHA Specialist

CHESTERFIELD TWP, Mich. - Oct. 10, 2014 - PRLog -- Macomb County Michigan FHA Short Sale Information – Rick Giese Short Sale Agent, Default Advocate, Distressed Property Expert and State of Michigan Valuation  Specialist Rick Giese will try to give you some insight to FHA shorts sales. FHA Short Sales are a little different than traditional short sales in that they are overseen by the Department of Housing and Urban Development or HUD. HUD rules and guidelines are unique to FHA Loans only.

The HUD program is known as the Pre Foreclosure Sales Program or PFS for short and the General Guidelines are:

-Must Be an Arms-Length transaction
-Must be an as-is sale
-HUD allows for a 1% seller credit for the buyers closing costs if they are getting a new FHA loan
-HUD will allow $1,000 up to $3,000 depending on the lender for relocation assistance to the mortgagor. HUD allows only $1500 towards the release of junior liens - which could be a sticking point depending on the amount of the second if there is one
-HUD also requires the borrower to be 31 days or more delinquent on their mortgage at the closing to be considered. At the same time the guideline clearly states that, and I quote, “Under no circumstances should the mortgagor be encouraged to default on their loan for the purpose of participating in the Preforeclosure Sale Program”. Go figure…
-HUD does look for hardship documentation of either a reduction in income or increased expenses

HUD also has an odd format for accepting a Macomb County MI FHA short sale. If the offer is received in the first 30 days HUD requires a net of 88% of Fair Market Value. 86% in the next 30 days and only 84% if an offer is not accepted until the property has been on the market 90 days. It is truly an odd formula but it is what it is.

Now nearly every Macomb County FHA Short sale is different so it is always best for us to review your particular situation in person.

Is a Macomb County MI FHA Short Sale Right for You? Give meRick Giese a call at 586-242-3100 and let’s find out.

Visit My Short Sale Website http://www.miforeclosurehelp.com/

Visit My CMA website for a FREE online appraisal of your property: www.mymihomevalue.com

Thanks for reading this, Rick Giese.

Rick is a Real Estate Associate Broker at RE/MAX Advisors. Macomb, Oakland, and Southern St Clair Counties Short Sales Realtor:
Phone: 1-800-274-5656. rick@rickgiese.com.

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Rick Giese specializes in loan modification assistance and short sales in the Macomb, Oakland and southern St Clair County Areas of . Loan Modification Help, Short Sale Help. Oakland Short Sale Help Macomb and 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