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Tag: FHA short sale

FHA Or VA Assumption On Your Home Loan

March 13, 2013

Thanks again for coming to TucsonShortSale.com; I know you hear me talk about short sales all the time, but today I wanted to talk to you about something else that we help people with. There are many homeowners out there that have an FHA loan or a VA loan and it’s possible that they have a little bit of equity on the house. One of the things that we can help you with is what’s known as an assumption.

With an assumption, we find a new buyer for your home, they make a down payment to cover all of the closing costs and go through the assumption process. If we do it through the VA, we’d be substituting your eligibility with another member of the military and with an FHA loan, it can be anyone, but they do have to qualify if your loan is fairly recent. The goods for both of these is that they can just assume your loan. With interest rates starting to rise, those of you that have FHA loans with a fairly low interest rate all of a sudden become a fairly attractive option to buyers. The buyer may very well be willing to pay a little bit more because the cost of the financing by assuming that loan is a lot less than they’ll pay for financing when interest rates go up.

I wanted to put this out there, so if you have an FHA or VA loan, you don’t know if a short sale or an assumption is the right thing or you don’t know if you have any equity in the house, we can help you figure all of these things out. We know how all of the different FHA and VA programs associated with your loans work, so please fill out the request form at the top of TucsonShortSale.com or pick up the phone and give us a call.

Important FHA Guidelines That Will Make Or Break Your Short Sale

March 12, 2013

Hello everyone Shawn Polston here with Tucson Short Sales and 520 Short Sales thank you for joining me. I work with Keller Williams Realty in the Tucson area and use my blog to share my experience with underwater property owners. If you are facing foreclosure or at risk of defaulting on your mortgage please contact me today to discuss all of the options for selling your home.

Today I wanted to talk with Tucson homeowners who have their mortgage through the FHA about their specific short sale process. These loans are guaranteed by the FHA and since this is government sponsored program they actually do not refer to it as a short sale. Regardless of who the servicing bank is, whether Wells Fargo, Bank of America, or another lender, selling your FHA property for less than what it’s worth will follow very set guidelines. The first step in getting an FHA approval is submitting a valid offer to your lender along with your financial information. Once this is submitted we will need to receive what is called an approval to participate from your lender to start the short sale process. After we have received this from your lender they will send out a specialist to appraise your home to determine a fair market value. In order for your short sale to be approved the offer that we submit to the bank must be fairly close to this appraised value from the FHA. For this reason it is important your short sale agent has FHA experience. We will need to get a good price for your home and the FHA simply won’t allow us to accept a low ball offer.

If your mortgage is backed by the FHA and you are considering a short sale please browse my website or call me to learn even more. Thank you for your time and I look forward to helping you in the future with your underwater property.

Do You Need Help With Your FHA Short Sale?

September 25, 2012

Thanks for coming to TucsonShortSales.com with Keller Williams Southern Arizona. I wanted to talk to you about FHA short sales today. I’ve got a number of blog posts and videos out there on FHA short sales because I’ve been doing them for a very long time. Most of the guidelines associated with FHA short sales are from 1992 so it’s nothing new.

One of the key things about FHA short sales is knowing and understanding those guidelines and that there’s a process of doing a variance. What you do is ask the servicer to request a variance from HUD because you think whatever isn’t within the guidelines is close enough. For the most part, HUD has been fairly cooperative. They’ve got a lot of problems and they would rather get rid of some of these homes before they become their problem. If the servicer reviews this and says that they’re not going to submit the variance, we call or email HUD. We communicate a lot with the person that handles the variances at HUD and they have been phenomenal to work with; they’re very responsive, into solving problems and want to provide solutions to their homeowners. If you have an FHA loan and want to do a short sale, it’s a big deal that the short sale agent you’re working with knows and understands FHA guidelines. Ask them questions such as what FHA expects for closing costs, what their expectations on a buyer’s offer should be or something to that effect. If they don’t know the answer to your questions, you’re working with the wrong agent. The answers to your questions aren’t a secret because the guidelines are out there for everyone to read. If you’re hiring someone to handle your short sale and save your credit, you need to ensure that they understand FHA loans or things could end badly.

If you have any questions about doing an FHA short sale in Tucson, please give me a call or fill out the form on my website. Thanks again for joining me today.

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About Shawn Polston

Shawn has been a Realtor since 2006. Prior to becoming an agent Shawn and his wife were active real estate investors. Shawn takes his education seriously; he’s taken over 200 hours of continuing education classes, to keep up-to-date on current laws and trends. Shawn is a member of the Arizona Association of Realtors Master of Real Estate Society and a Graduate of the Realtor Institute. He is also a HAFA certified Short Sales and Foreclosure Specialist in addition to being a National Association of Realtors Short Sale and Foreclosure Resource.

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