Trying to short sale FHA

Foreclosures, Short Sales, Tax Foreclosures
1

I have a couple of questions:

  1. I am going to try to shor sale a loan that has FHA financing. Is this difficult to do.

  2. The owner is already in Chapter 13 and the lender has filed notice to release itself from the bankrupty. Now they want to start foreclosure process. The owner wants to file Ch 7, but will that delay the foreclosure?

Denise
Austin, TX

2

That will delay the foreclosure.

FHA will only go down to 82% on a short sale!!

3

Why, Because its insured! and the lendor works off that!!

Dave

4

The bank is guarenteed to get at least 82%, so they won’t take any less form you.

VA is 91%.

Unless im going to keep the property, I don’t do a short sale if it is FHA or VA.