Columbus OH – You can short sale your house if
you have an FHA loan. FHA will forgive you of all the debt and
does not ask for a promissory note.
That is the case if you are short selling because of a legitimate hardship.
Here is how the process works on an FHA short sale.
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohshortsaleadvisors.com/
You send all of the standard paperwork to initiate a short sale. You will need
to include copies of your last 2 bank statements, last 2 years tax returns, and
last 2 pay stubs.
They will also want a hardship letter and financial worksheet filled out. The
short sale lender will start out reviewing your information. Then, they will
order an FHA appraisal.
An FHA appraisal has to be done by an FHA appraiser. Only certain appraisers
are approved by FHA. Once the appraisal comes back and the lender has reviewed
your documentation, they will issue an "approval to participate."
At that date, they are allowed to approve any offer that nets 88% of the
appraised value. After 30 days has passed they are allowed to accept 86% of the
appraised value.
Finally, after 60 days have passed they are allowed to accept an offer that
nets 84% of the appraised value. Here is something that makes FHA short sales
easier than normal short sales.
You can start the process before you get an offer from a buyer. Once you get an
offer from the buyer, then the lender has 5 working days to approve or deny the
short sale offer.
If the offer meets the necessary parameters, then the rules state that they
must approve it. To get a copy of the exact rules for FHA short sales, then
simply Google, "Mortgagee Letter 2008-43."
These clearly laid out rules make FHA short sales so much more clear and
transparent compared to short sales with other loan types. Thinking about a
short sale?
I can help you short sale your property and get back on your feet. Send me an
e-mail at robin.lemmons@kingthompson.com.
I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any
questions you may have. Or, if you prefer, you can call me at 614-741-2495.
Discover how other sellers successfully completed a short sale and request a
free consultation by clicking
here. http://columbusohshortsaleadvisors.com/
Thinking about a loan modification? Our Columbus loan modification kit has the
instructions you will need to get a loan modification approved with your bank.
Click
here to request a copy. http://columbusohshortsaleadvisors.com/
Thanks for reading this, Robin Lemmons.
Rick & Robin Lemmons is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495
Email: robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
Columbus Loan Modification Help, Columbus Short
Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus OH
Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Important
Notice
Rick & Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure
Institute are not affiliated in any way, shape, or form with the government.
Our services have not been reviewed or endorsed by the government or your
lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to
help you on a short sale, your lender may not agree to a short sale or to
modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else
in life. It takes work and persistence to convince your lender to modify your
loan. No matter what you or we do, your lender may not approve a loan
modification.
We do not recommend that you stop paying your mortgage, because this will cause
damage to your credit and could cause you to lose your home. Because we know
avoiding foreclosure is so important to any homeowner, we recommend that you
speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a
licensed professional before making any decision. Information is deemed
reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your
lender if it does not meet your approval. If you decide not to go thru with the
short sale, then you do not have to pay us our fee. We normally make a real
estate sales commission for helping you on a short sale.
The views expressed here are Robin's personal views and do not reflect the
views of Coldwell Banker King Thompson.
This information on How A Columbus Short Sale Works If You Have An FHA Loan is
provided as a courtesy to our viewers to help them make informed decisions.
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