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  • Yes, they do, at least for a short-sale under PFSP.  The rules state "must be 30+ DPD at time of sale".  Which means, must have missed  two payments or more, not one. (You miss the first on day 1 and the second on day 30, basically)

    But, be careful, because this is often (generally?) implemented as " must be 30+ DPD at time of issuing the ATP", which is the approval to the short-sale program, not approval of the sale.

    I tried to work with a seller that wanted to stay current as long as possible, so I thought it would be okay for her to be current at time of ATP.  Wrong.  Wells required us to wait until two payments were missed, and the buyer walked. 

    @Kevin.  This is one of the reasons why I hold the FHA in low-esteem, along with valuation, property and sales management.  IMHO this one of the most mis-guided policies in short-sales.  This could only be supported by a group that does not understand this marketplace.

    And, when you talk to senior managers at the FHA, as I have done, they tell you that their policies must be the best possible because they were develop by the FHA.

  • The borrower still must be 31 days  delinquent (1 missed payment) at the time of closing. 

  • I'm planning to attend this in February and I'm sure I'll be in the minority being a Realtor.  I hope to be able to ask some good questions...and get some good answers.

    http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sf...

    • Are you going to be at FR next month in Orlando?

      • Gonna try, but it would probably only be for the Saturday session. Can I scalp a ticket for that:)

        • Yes you can get a day pass

          • Yea, I can't believe they charge $200 for it though. 

            • Kevin, you should try to come on the day of our short sale mastermind.  Not sure of the day yet though.

  • It is my understanding that yes they do. FHA is all about financial affordability. If they are current then HUD assumes they can afford to make payments.

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