Home Owenership Counseling?
This is my first short sale. In the pkg. from the bank was a form Home Ownership Counseling Pre-foreclosure Sale Procedure. What is this, and how do I handle it?
This is my first short sale. In the pkg. from the bank was a form Home Ownership Counseling Pre-foreclosure Sale Procedure. What is this, and how do I handle it?
It is probably(?) an FHA insured loan you are seeking to short. The homeowners should be apprised of their options, alternatives, and possible tax consequences... by a HUD approved, preforeclosure counselor.
The purpose is to reduce the number of the HUD borrowers who get snookered in ill-advised equity-fleecing transactions, and better understand both the short and long term reprecussions to selling via preforeclosure short sale.[ Edited by TheShortSalePro on Date 03/25/2007 ]
I just got a lead for a HUD loan short sale. It is a one loan (was 100% financing) which she said was a HUD loan. She wants to sell rather than foreclosure but owes $101k and the property is worth $105k. I am looking to pick it up around the $70-80k range.
Should I have her take this conseling now even though I am just starting the SS process or wait til it is required? Do they have the conselling everywhere? She has moved to the country in GA.
Prequalify the short sale candidate.
Confirm the type of mortgage loan.
Confirm workout criteria.
* will owner-occupancy be a condition
for approval?