How far in default is TOO FAR in order to take a HUD-insured short sale?

How far in default is TOO FAR in order to take a HUD-insured short sale?

 

If you’re going to list a HUD backed short sale then this video is for you.

The US Department of Housing and Urban Development or HUD has unwritten guidelines on how far in default a borrower can be before they fha short salewill accept a short sale.  A good rule of thumb is not to take a short sale that is over 36 to 40 months past due. There is a high probability your short sale will be rejected unless you have extenuating circumstances.

We did get approved that was over 60 months past due because this gentleman had extenuating circumstances. He was on active military duty. He was able to provide his orders for over five years and show he was unable to pay. So, we were able to get that through HUD and approved, but that will not be the case in most situations.

 

 

For Realtors, Attorneys, Title companies, etc interested in our services please go to http://massachusettslossmitigation.com/

For homeowners needing assistance with avoiding foreclosure please go to http://shortsalemitigation.net/

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