I have an FHA short sale conditional approval letter. The lender, CHASE, is telling me that they cannot include deficiency waiver language per the HUD FHA guidelines. Can anyone confirm or disprove this "policy?"
Thanks,
Andrew N Coppo
Greater Boston Short Sales, LLC
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How potential deficiency's are handled are covered in Mortgagee Letter 2008-43.
Pre-Foreclosure Sale Introduction
The Pre-Foreclosure Sale (PFS) option allows mortgagors in default (resulting from an adverse and unavoidable financial situation) to sell their home at FMV and use the sale proceeds to satisfy the mortgage debt even if the proceeds are less than the amount owed.
http://storage.ning.com/topology/rest/1.0/file/get/3037735069?profi...
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