Don't we all love the news media.  This is an interview from a local news station and a local Lender who is usually very savy.  Leads me to believe the whole interview was not broadcasted.


http://www.azfamily.com/news/consumer/New-government-program-helps-...


I had heard about this from a couple of sources but just put it in the back of my mind.  I received a referral today (Thanks) and it was noted that the client was calling because of the new "Law" in

Arizona that would allow you to purchase a new property immediately after a short sale if you were not behind in payments.  Now we do alot of weird things here, but not that.  This client has no hardship, can afford the payments but they are upside down and have outgrown the home and are looking for a way out.   She referred to the above interview.  I printed out and reviewed the HUD letter.  I attached it here and there is a link to it in the article  Basically:


 

 


  1. It is for the whole country not just Az
  2. The bank holding the current mortgage is not just going to allow just anyone to short sale in the first place – must be a hardship as we all know.
  3. The program is very specific that there is a hardship – not just being upside down in your loan
  4. And the most important:  Just like the removal of the FHA 90 day flipping rule that caused such a big stir a couple of months ago, there are no secondary market investors that will buy it at this point.
  5. Most of the Lenders and especially FNMA will not even look at a short sale if you are not at least 30 days down OR can prove you will be if you don't sell.

 


Views: 40

Attachments:

Discussion Forum

Question I've been asked by "second home" owners

Started by Janet D Brown. Last reply by Southland Real Estate May 30, 2010. 9 Replies

HUD Letter on Short Payoffs

Started by Debbie Parkans, CDPE, CSSG, CRS Feb 5, 2010. 0 Replies

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