FHA makes changes to their short sale program (PFS) for 2025!

January

21

0 comments

FHA UPDATES THEIR PRE-FORECLOSURE SALE (SHORT SALE) PROGRAM STARTING 2025!

FHA has been making lots of changes lately to their loss mitigation programs ever since the Covid days. While Covid era workout solutions are sun-setting in April this year, there are some new permanent changes to their short sale program (PFS).

1
NO MORE FINANCIAL DOCUMENTS

While bank statement, tax returns and pay stubs were generally required in every short sale, these documents will no longer be required as part of the short sale process.

2
61 DAY DEFAULT IS REQUIRED

You must be at least 2 months behind on your mortgage payments in order to be approved into the FHA PFS program.

3
SELLERS GET $7,500 RELOCATION ASSISTANCE

Owner occupant sellers will receive $7,500 of relocation assistance at closing of a successful short sale, assuming there are no junior liens or other unusual fees against the property.

NEED HELP WITH AN FHA SHORT SALE? 

We're the experts!

Last Updated on January 21, 2025 by Minna Reid

RELATED POSTS:

December 4, 2024

A Florida FHA short sale success with US Bank!

November 4, 2024

FHA short sales explained!

November 4, 2024

A quick guide to the Florida short sale process

Leave a Reply

Your email address will not be published. Required fields are marked

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}