Trevana Properties
  • Home
  • Business Financial Suite
    • Business Credit Building
    • Frequently Asked Questions
    • Coaching
    • Testimonials
    • About Us
    • Privacy Policy
  • Specialty Products
    • Fix & Flip Financing
    • Small Balance Commercial Loans
    • Subprime SBA Financing
    • Business Marketing
    • Business Revenue Financing
    • Private Equity Financing
    • Multi-Family
    • Church Financing
    • Truck Financing
    • Book of Business Financing
  • Business Credit & Funding
    • Prequalification Form
  • Financial Products
    • Business Financing
    • Commercial Bridge Financing
  • About
    • Contact
    • Testimonials
    • Business Financial Suite Videos



For FHA Loans Are 3 Late Payments Required to File a Short Sale?

4/28/2013

0 Comments

 
Question: In a short sale where the financing was insured
by the FHA is the borrower first required to miss three payments? This was the
advice given by a lender before it would allow a short sale to go forward.
Answer: We sent this question over to HUD and received
this response:


“The information is incorrect,” HUD told OurBroker.com. “Under the code of
federal regulations 24 CFR 203.370 (c) 2 and section 204 of the National Housing
Act the loan must be in default at the time the short sale transaction closes
for HUD to legally pay a claim (31+ days). This does not preclude the servicer
from processing the short sale request with the loan current if the borrower and
property meet all the short sale requirements and close the transaction with the
loan one month delinquent.”

0 Comments



Leave a Reply.

    Dan Garcia

    Trevana Properties is a placement company working with a variety of hedge funds, REIT's, commercial banks, specialty boutique lenders, private investors and other funding sources not widely known to the general public.

    Real Estate News
    Zillow

    Archives

    November 2016
    October 2016
    September 2016
    July 2016
    June 2016
    May 2016
    April 2016
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013

    Categories

    All
    Business Credit
    Hedge Funds
    Mortgage News

    RSS Feed

Find Us On The Web

Search This Site

​Resources

Zillow

Contact Us

(815) 630-5246 Office
(815) 886-9024 Cell
dan@trevanaproperties.com
    Enter your phone number (555) 555-5555
Submit



Website by MediaCor
Photo by Pedro Lastra on Unsplash
Picture
Photo used under Creative Commons from shioshvili
  • Home
  • Business Financial Suite
    • Business Credit Building
    • Frequently Asked Questions
    • Coaching
    • Testimonials
    • About Us
    • Privacy Policy
  • Specialty Products
    • Fix & Flip Financing
    • Small Balance Commercial Loans
    • Subprime SBA Financing
    • Business Marketing
    • Business Revenue Financing
    • Private Equity Financing
    • Multi-Family
    • Church Financing
    • Truck Financing
    • Book of Business Financing
  • Business Credit & Funding
    • Prequalification Form
  • Financial Products
    • Business Financing
    • Commercial Bridge Financing
  • About
    • Contact
    • Testimonials
    • Business Financial Suite Videos