Steve,

I’ve heard that HUD has specific requirements for an FHA-insured Short Sale.  Is this true? 
Ronald B. Las Vegas, NV

YES!  The borrower must be delinquent at least 3 months. Net proceeds of the offer should be at least 82% of appraised value. The appraised value should be at least 63% of the mortgage. The mortgagor must be an owner-occupant. There’s verification of the borrower's decrease in income showing inability to pay the mortgage. The property was marketed in such a manner that an offer for fair market value could be obtained. There may be some latitude on these requirements. Guidelines are subject to change! For more info, go to:  www.Hud.gov

Source:  Wendy Rulnick, Rulnick Realty, Inc. Destin, Florida 

Steve Kitnick

Steven Kitnick Seminars, LLC