Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on March 4, 2013 at 4:36pm

This Guideline has not changed. 31+ days past due.

http://portal.hud.gov/hudportal/documents/huddoc?id=nscpfsfaq.pdf

Permalink Reply by Kevin - Greenville, SC on March 4, 2013 at 4:45pm

However the FHA is looking into streamline the PFS process in the 'near' future.

http://www.consumerfinancialserviceswatch.com/2012/12/03/fha-announ...

Permalink Reply by Robin Lemmons on March 4, 2013 at 4:55pm

Thank you for the information. I read the article you sent and it doesn't address the delinquency issue. Where would I find information about this option when the FHA short sale is streamlined? 

Permalink Reply by Kevin - Greenville, SC on March 6, 2013 at 12:11pm

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.