SALT LAKE CITY, UTAH – I recently received a question from Tonia about short sales. Apparently Tonia has been mislead by her lender.
Get my Free, Step By Step Loan Modification Guide by clicking here.
Here is Tonia's question about short sales.
"I've been trying to sell my house for over a year now and have since remarried and moved into my husband's house. I told the realtor I am willing to do a short sale so she called my mortgagor (short sale dept) and they said to just send in the bid. Well, they received a bid but will not accept it. They said it is because I haven't gone through the loan modification process that FHA loans have to go through first before a short sale can be done. I don't want to modify my loan. I want to be dismissed from it. I'm current on my payments because the same guy told me that I could be current and still do a short sale which it isn't sounding like now. Any advise would be great. My house payment is due next week and if it is going to take me not making payments to get this short sale through I won't make them. Tonia."
Here was my response to Tonia.
It sounds like you are being mislead. FHA issues guidelines to lender's that handle their loans. Their guidelines say nothing about a loan modification having to be done first. You can look up the guidelines for FHA Short Sales.
Just google: "Mortgagee Letter 2008-43.
I have read through this countless times and didn't remember a requirement for a loan modification first. I just scanned through it again and didn't see it this time. I do remember we go into this same argument with another short sale negotiator.
They said we had to go through the loan mod process before they could process the short sale. We told them we had read through the entire letter and knew it didn't have that requirement. They backed off and processed the short sale.
You just have to be firm. And if they aren't following FHA's rules, then call up FHA and let them know. FHA may fine them for breaking the rules.
Thinking about a loan modification?Our Bountiful loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at forsiecity@gmail.com to request a Free Copy. Or, click here to request a copy.
Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at forsiecity@gmail.com. I will contact you for a free consultation. 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 at (801) 651-0707
Discover how other sellers successfully completed a short sale and request a free consultation by calling 801.651.0707
Thanks for reading this, Dave Forsberg.
Dave is a Real Estate Agent at Presidio Real Estat. UTAH Short Sales Realtor:
Phone: (801) 651-0707.
Email: forsiecity@gmail.com.
Greater Salt Lake Short Sales. Real Help for those that need it most.
Get my Free, Step By Step Loan Modification Guide by clicking here.
Here is Tonia's question about short sales.
"I've been trying to sell my house for over a year now and have since remarried and moved into my husband's house. I told the realtor I am willing to do a short sale so she called my mortgagor (short sale dept) and they said to just send in the bid. Well, they received a bid but will not accept it. They said it is because I haven't gone through the loan modification process that FHA loans have to go through first before a short sale can be done. I don't want to modify my loan. I want to be dismissed from it. I'm current on my payments because the same guy told me that I could be current and still do a short sale which it isn't sounding like now. Any advise would be great. My house payment is due next week and if it is going to take me not making payments to get this short sale through I won't make them. Tonia."
Here was my response to Tonia.
It sounds like you are being mislead. FHA issues guidelines to lender's that handle their loans. Their guidelines say nothing about a loan modification having to be done first. You can look up the guidelines for FHA Short Sales.
Just google: "Mortgagee Letter 2008-43.
I have read through this countless times and didn't remember a requirement for a loan modification first. I just scanned through it again and didn't see it this time. I do remember we go into this same argument with another short sale negotiator.
They said we had to go through the loan mod process before they could process the short sale. We told them we had read through the entire letter and knew it didn't have that requirement. They backed off and processed the short sale.
You just have to be firm. And if they aren't following FHA's rules, then call up FHA and let them know. FHA may fine them for breaking the rules.
Thinking about a loan modification?Our Bountiful loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at forsiecity@gmail.com to request a Free Copy. Or, click here to request a copy.
Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at forsiecity@gmail.com. I will contact you for a free consultation. 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 at (801) 651-0707
Discover how other sellers successfully completed a short sale and request a free consultation by calling 801.651.0707
Thanks for reading this, Dave Forsberg.
Dave is a Real Estate Agent at Presidio Real Estat. UTAH Short Sales Realtor:
Phone: (801) 651-0707.
Email: forsiecity@gmail.com.
Greater Salt Lake Short Sales. Real Help for those that need it most.
David Forsberg specializes in loan modification assistance and short sales in Bountiful Utah. Bountiful Loan Modification Help, Bountiful Short Sales. Bountiful Short Sale Realtor Bountiful UT Short Sales. Bountiful Realtor.
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