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If you own an FHA or HUD insured home and you are desiring to request a short sale of your home, there are specific requirements that must be met.  I have worked with a number of homeowner's in selling their FHA insured home and before listing their home for sale, we discuss the guidelines that I know FHA is going to require be met by my homeowner Sellers.  

I am going to provide some of the FHA and/or HUD insured guidelines for a short sale over the course of several posts and try to give examples of facts that might fit the requirements.  The first that I want to discuss is the requirement that the home must be owner-occupied with exceptions in certain cases for job transfer, death and divorce for example.

I recently sold a home for a homeowner that had a FHA insured loan.  He had previously vacated the home and had moved out of State.  At the time we requested to be approved for a short sale, the Seller provided evidence that his reason for vacating the property and therefore, the home being vacant, was due to the need to have to move out of State in order to be able to obtain another job in his field of employment.  We documented this through not only with his current income statements, but through a letter explaining the history and reason for his move.  We were able to obtain an exception to the requirement of the home being owner occupied. 

Each situation will be specific to the individual homeowner.  But, overall, it is important to be aware that one of the requirements for a FHA and/or HUD insured short sale, is that your home be owner occupied. 

If you don't know what to do if  you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)

(Image courtesy jscreationz/FreeDigitalPhotos.net)
 

About the Author:

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
shortsellingyourkansascityhome

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

What to do right now if you are facing foreclosure of your Kansas City home. Having assisted numerous individuals and families facing the foreclosure of their Kansas City homes, for both Kansas and Missouri, I have witnessed first hand the need for educating the public as to foreclosures and short sales during what is a difficult and emotional time.

As we continue to hear in the media, foreclosures are on the rise, but yet there is so much uncertainty as to what a foreclosure really means as well as to what options may be available if you are facing a foreclosure of your Kansas City home.

For example, did you know that the laws of foreclosure are not the same in Kansas and Missouri? So many of the folks who contact me to discuss what options they may have in order to avoid their home being foreclosed, eg. Kansas short sale of their home or a Missouri short sale, do not realize that the steps and procedures involved in a foreclosure for Missouri are not the same as in Kansas.

These differences could greatly affect your decision as to what to do to avoid foreclosure of your Kansas City home.

I really want to help educate the public and those in need of gathering as much information as possible to better understand what you may be able to do to either avoid a foreclosure of your Kansas City home, Kansas or Missouri. I have really learned, while working with foreclosures of Kansas and Missouri homes and while assisting home sellers with their Kansas short sale and Missouri short sale that knowledge can be power in your making the right decisions for your current and future well being.

I will continue to provide updates to this subject over a short period of time. If you are facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts.

Request a Free Confidential, no obligation, short sale or pre foreclosure analysis of your home and options that may be available to you.

It has been my pleasure to help a number of Sellers with their Kansas short sale or Missouri short sale.

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Related Articles

• Bank Of America Plans To Resume Some Foreclosures (huffingtonpost.com)
• Bank of America plans to resume some foreclosures (usatoday.com)

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If you want some great tips for buying or selling your home, without speaking to a realtor, just go to Facebook-Hinton Homes and click the "Free Tips" tab.

• Homes for sale in Kansas City

Suzanne Hinton
Hinton Homes-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
www.hintonhomes.com

• Facebook Users: Hinton Homes Realtors

©2010 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor Kansas City Short Sales

Shawnee KS Suntrust Short Sale Listed and Sold

We are proud to say that another of our short sales listings has sold. This Shawnee KS short sale had an existing loan with Suntrust.

The Seller was not required to sign a promissory note and no funds were required from Seller at the time of closing on this Suntrust short sale.

This Shawnee KS short sale was an existing FHA loan.

Just shows that short sales are a possible option available to foreclosure.

If you are considering a short sale instead of foreclosure, you should consider hiring an experienced Kansas City short sale agent. Request a FREE Confidential, no-obligation, short sale or pre-foreclosure analysis of your home. Serving both home sellers and buyers in Kansas and Missouri.

Contact Me for more information about this home or any other
Homes in Kansas City for sale.

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Suzanne Hinton-Hinton Homes-short sale and pre foreclosure real estate specialists.

Contact Suzanne Hinton at
Phone or Text: (816) 520-0917
Email: shinton@remax.net


Specialist in assisting North Johnson County Kansas home buyers and sellers in Fairway, Merriam, Mission, North Overland Park, Prairie Village, Roeland Park, Westwood and Westwood Hills Kansas.

©2010 Suzanne Hinton-Kansas City Short Sale agent
Kansas City Short Sales