short sale question - Posted by fal

Posted by Jonathan on June 06, 2004 at 09:45:07:

I thought that the FHA-insured loans only cover 90% of the loan. Not a huge amount of money, but if you have a ready buyer, couldn’t it work?

short sale question - Posted by fal

Posted by fal on June 05, 2004 at 13:09:58:

When a first mortgage is insured by the FHA, is there any way to make a short sale deal work?
Thanks

Re: short sale question - Posted by Kristy-AZ

Posted by Kristy-AZ on June 08, 2004 at 21:32:59:

I just completed an FHA Short sale. The process was not difficult it was the time table, and getting the sellers and bank together at certian time frames. I started the process in January and just closed the deal last week! Time consuming??? yes, because you are at the mercy of the Mortgage Company and HUD. Difficult process??? Not really, just need to have patience and leave a lot of messages to get things done!

Kristy-AZ

Re: short sale question - Posted by John

Posted by John on June 05, 2004 at 15:56:10:

If the loan is insured it would not make any sense for the bank to accept a short sale. They do not lose anything on the foreclosure.

Hey Kristy… - Posted by todd

Posted by todd on September 12, 2004 at 18:18:51:

I was reading some old posts and I came accross yours. You said it took you untill june to complete this short sale… why would the seller wait 6-months for the relief of the property? wouldn’t they complain that the process would take to long and they could go with another deal with someone else… or complain that they would be 6-months further behind and the lender could always say "no deal"
thanks for your time.
Todd W