Upcoming changes to the FHA PFS Program

First, we have announced changes to our Loss Mitigation Program that targets deeper levels of relief for struggling borrowers to more effectively assist families in meeting their obligations and avoid costly foreclosures for FHA. Similarly, we are streamlining the use of short sales and aligning our practices with those recently announced by the GSEs to provide more families the opportunity to avoid foreclosure while reducing costs for the FHA.

http://www.corker.senate.gov/public/_cache/files/2b50cd84-4238-404f...

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Permalink Reply by Robin Lemmons on March 23, 2013 at 6:09am

Will these changes permit a seller to be current on his mortgage but still do a short sale. I have a seller who had to move out of state for a job. He has an FHA loan and does not want his credit ruined but he does not have money to bring to the table. When will the new guidelines go into effect?

Permalink Reply by Kevin - Greenville, SC on March 23, 2013 at 6:50am

Robin,

This is the only information I have at this time.

Permalink Reply by Kevin - Greenville, SC on March 25, 2013 at 6:58am

According to my contact at HUD, the As-is Appraisal's and the tiered net proceeds will remain.

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