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Special Opportunity From HUD Preforeclosure Sales Program.
Housing and Urban Development (HUD) has a Preforeclosure Sales Program that will allow a homeowner in default on a HUD loan to prevent a foreclosure and sell the property, even if it results in a Short sale.
The program allows homeowners who are 31 days or more late on mortgage payments on certain types of loans related to HUD to contact HUD to start the process.
If the owner is approved for the program, they receive an Approval to Participate notice from HUD. The owners must then list the property with a real estate agent, who is not a relative, for an arm's length sales effort. This sales program gives the owners four months to get a contract to sell the home, and the sale must close within six months of when the owners are accepted into the program (or eight months with a special qualification). During that time, foreclosure is prevented.
As a part of the sales program, the owners may receive some portion of the sales proceeds, which is extremely unusual for a Short Sale where the sellers are typically required to walk away with nothing. If the sale is closed within three months, the incentive is $1000 and it decreases to $750 after that. The program has an additional $1,500 that can be used to pay off any junior loans after the incentive payment is applied.
The program allows the sellers to pay up to one percent of the sales price as a payment toward the buyer's closing costs which is also unusual for Short Sales.
This program applies only to owner occupied properties.
If you have the right kind of loan, this program will greatly help your Short sale while it stops a foreclosure.
For more information and help to get started contact us.
Office 630-539-4100
Equal Housing Opportunity.