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Found 2 blog entries for October 2013.
Effective October 1, 2013 U.S. Department of Housing and Urban Development (HUD) has announced the following changes to their Federal Housing Administration (FHA) Short Sale requirements:
- Eligibility Requirements: To successfully complete a short sale under the FHA short sale program, the borrowers must meet the following requirements:
- They cannot list the property with or sell it to anyone with whom they are related or have a close personal or business relationship. In legal terms, it must be an "arm's-length" transaction. Any knowing violation of the arm's-length requirement may be a violation of federal law.
- Your mortgage must be in default, on the date the short sale transaction closes.
- Before closing, any additional liens against the