Pre-Foreclosure Sale (PFS) Program - Short Sale
The Preforeclosure Sale (PFS) Program allows mortgagors of FHA insured loans to sell his/her home and use the net sale proceeds to satisfy the mortgage debt even though these proceeds are less than the amount owed.
Am I Eligible?
You may qualify for the Pre-Foreclosure Sale Program if you meet the following requirements:
- Mortgagor (borrower) is an owner-occupant of a one-to-four unit single-family dwelling with an FHA insured mortgage.
Exceptions may be given to non-occupant borrowers when it can be demonstrated that the need to vacate was related to the cause of default (e.g. job loass, transfer, divorce, death), and the subject property was not purchased as a rental or used as a rental for more than 18 months prior to the mortgagor's acceptance into the PFS Program.
- The Mortgagor must be 31 days or more delinquent at the time of the Pre-Foreclosure Sale Closing.
- The Mortgagor must provide documentation substantiating a reduction in income or an increase in living expense, and documentation that verifies the Mortgagors need to vacate the property (if applicable).
Please contact us for more information on the PFS Program and free assistance with your HUD Short Sale.
|
