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The appraisal of one’s property should be completed within approximately ten business days. Principal residences, second homes, investment properties, and service members who have received Permanent Change of Station (PCS) Orders are potentially eligible. Homeowners eligible for a streamlined short sale may not be required to submit financial information or have a financial hardship. Only owner-occupied properties are eligible for the standard preforeclosure sale. The IRS Collection Financial Standards is used to verify homeowners expenses not reflected in their credit report. A lien holder who demands a payment to release its lien must submit a written statement, and an agreement to release the lien if that amount is paid.įor a standard preforeclosure sale, servicers must use a Deficit Income Test (DIT) to determine a homeowner’s financial hardship. 3) Your mortgage must be in default, on the date the short sale transaction closes.īefore closing, any additional liens against the property must be released. 2) Any knowing violation of the arm’s-length requirement may be a violation of federal law. In legal terms, it must be an “arm’s-length” transaction. The borrowers must meet the following requirements:ġ) They cannot list the property with or sell it to anyone with whom they are related or have a close personal or business relationship. To be eligible, one must successfully complete a short sale under the FHA short sale program. On October 1, DSNews published an article titled HUD Announces New Short Sale Requirements.Įffective October 1, 2013, HUD has announced the following changes to their Federal Housing Administration (FHA) short sale requirements. HUD Announces New Short Sale Requirements