I got a reply to a letter i sent for a man in foreclosure. I found out he has an FHA loan. is this dealt with in regards to a short sale just like any other loan??
FHA do have their own criteria but mostly the same when it comes to building your package.
They will need to go to credit councilling and sign a participation agreement.
Also remember the loan product has a baring on your offer being accepted.
they will except 82% of the BPO ( appraisal for FHA ) and no less than 63% of the original loan amount which ever is higher.
just curious why would a lender with a fha loan want to deal at all the loan is insured buy the gov?
easy, they do the short sale, it’s off their desk and they get made whole. Everyone gets their commissions and they move on.
So basically i just call his bank and request a short sale packet and everything i need to know is going to be in there?