I have a short sale approval from Citi on a FHA loan, all we're waiting for is my signature to complete the deal. I'm very concerned about deficiency and would like some guidance. Citi says they won't pursue deficiency (in email), but won't guarantee HUD won't pursue it. I've seen HUD letter 2008-43 which states that if a short sale is not completed, a deficiency will not be pursued, however I don't see anywhere in the document that deficiency would not be pursued in the event that a short sale is successful. My attorney says that because that specific language is not in there, that the door is open for HUD to pursue deficiency on the note. Is this true? Is there any way to get guarantee that HUD will not pursue deficiency?
Thanks!
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Are you in the FHA Pre-Foreclosure Sales Program?
Per the PFS guidelines - page 15 section P - it says that mortgagors, acting in good faith, who successfully sell their properties using this option are relieved of their mortgage obligation and are entitled to ........ This means there is no deficiency if the short sale is successful using the PFS program.
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