An FHA short sale success with a HUD Partial Claim!
FHA has been handing out forbearances and HUD Partial Claims like candy for the last few years!
Shortly after moving into her new home, my Florida client unfortunately lost her job. In the weak economy she was unable to quickly find new work and soon fell behind on her mortgage with US Bank.
After multiple forbearance extensions, FHA rolled all her back due amounts along with plenty of interest and fees in a HUD Partial Claim that was placed on the back of her loan.
Upside down, with no equity to sell!
Still unable to find work over a year later and deep in foreclosure, my seller decided to cut her losses and sell her home. Unfortunately, due to the HUD Partial Claim, she now owed almost an additional $100,000 over the original balance on her mortgage, which left her with no equity to sell, so she decided to pursue a short sale.
FHA short sales have never been easier than they are right now!
The good news is that FHA is currently streamlining all short sales as part of the COVID 19 suite of mortgage workout solutions. That means there's never been a better time to short sell with FHA!
A quick short sale approval and closing!
Despite the fact that we had a HUD Partial Claim as well as a lien for a Florida Down Payment Assistance Program, an approval letter swiftly arrived! Closing on the home followed shortly thereafter, with my seller walking away from her upside down home, and having been forgiven of over $100,000 of bad mortgage debt!
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We are grateful to Minna for her knowledge, professionalism and expertise in short sales. She truly cares about her clients and it is evident in the manner she represents them. She has a strong work ethic and keen negotiation skills when dealing with financial institutions and buyers. We strongly recommend Minna and her company if u want immediate results.
T.G.
Last Updated on December 4, 2024 by Minna Reid