All Foreclosure Logo
All Foreclosure Home Page Foreclosure Discussion Board

Re: What qualifies a property for a short sale?

Posted by Diane on January 01, 2007 at 00:21:10:

In Reply to: Re: What qualifies a property for a short sale? posted by steele in minnesota on December 31, 2006 at 14:07:10:

As previously stated, it's a lender's choice. The seller usually must prove he/she can not afford the house and, be in default for a certain period of time. There is a guideline when this option can be used by Lenders for FHA, Fannie and Fredie loans.

A short sale, i.e., a foreclosure prevention / preforeclosure option constitutes the lender's willingness to accept a minimum of 82% value of the property. If allowed by the lender, then foreclosure is postponed, allowing the owner 60-90 days to list and sale the property. If there are proceeds remaining after the arrears and pricipal are satisfied, the owner will receive the remainder.

Follow Ups:


Name    : 
E-Mail  : 
Subject : 

Comments:









    

       









honaunau sunset