Saturday, January 10, 2009

The New FHA Short Sale Program

One of th most interesting facets of the new FHA short sale program is the fact that it supersedes and is updated from the Mortgagee Letters with these new forms. Here is what I am talking about. Examine the FHA preforeclosure short sale text:

This ML supersedes in its entirety ML 1994-45, “HUD’s Nationwide Pre-Foreclosure
Sale (PFS) Procedure”. It also supersedes the section (pages 29-35) of ML
2000-05, “Loss Mitigation Program-Comprehensive Clarification of Policy and
Notice of Procedural Changes” that describes Pre-Foreclosure Sale

For more information on the FHA short sale program or FHA pre-foreclosure, visit one of the preceding websites. Also, FHA Mortgage Loans for purchasing preforeclosures at a discount in Florida.