Relevant:
- Consumer Guides: Shorter Terms Recommended for Harp 2.0, Securing an FHA Loan After a Short Sale
- Regulator streamlines foreclosure prevention program
- short sale program slammed by appraisers
- $2,500 Incentive Will Spur Short Sales, Says John Burns
- Housing market may get a boost from ‘boomerang buyers'
2012-09-23 — mortgagenewsdaily.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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