2012-09-23mortgagenewsdaily.com

``The Preforeclosure Sale Program allows borrowers in default due to an adverse an unavoidable financial situation to sell their home at fair market value and use the proceeds to pay off an FHA-guaranteed mortgage loan even if the debt exceeds the proceeds of the sale, i.e. a short sale. Lenders must maintain supporting documentation to demonstrate that the borrowers would financially eligible for the program and both lender and borrower are paid a cash incentive of up to $1,000 for participating in the program.''


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