Surprise, The Housing And Urban Development Department Can Also Be Involved In Pre-Foreclosure

(EMAILWIRE.COM, December 11, 2007 ) St. Augustine, FL--The Housing and Urban Development Pre-Foreclosure Sale (PFS) program allows the mortgagor in default to sell the home and use the net sale proceeds to satisfy the mortgage debt even though these proceeds are less than the amount owed. For 11 years Jeff Kaller has created the most powerful information available on Short Sales. People from all over the country have benefited from his most cutting edge strategies. Kaller informs people how they can Fast Learn the real estate investment skills to profit from foreclosure frenzy, 100% legally and ethically. Kaller is a nationally known pre-foreclosure investor and author. There are several questions about Housing Department pre-foreclosure sales. The mortgagee is required to obtain a specific government appraisal as described as the Mortgagee Letter. This requirement is because the property must be appraised on an as-is and as-required basis. There is an exception, if the buyer has secured an FHA insured appraisal, use of the buyer’s appraisal would be allowed since purchasing of an appraisal for HUD property cannot be duplicated within a six month period. If the owner is the holder of both the first and second mortgages they can utilize the $1,000 that is available to pay towards the settlement of the second mortgage. The Mortgage Letter Condition of Title states the incentive consideration payable to the mortgagor should be first applied toward the discharge of liens. A mortgage can proceed through the Pre-Foreclosure Sale Program process if one of the mortgagors is uncooperative and will not participate within the required Housing Counseling session. HUD certification allows for the homeownership counseling, to be provided by a HUD approved housing counseling agency, mortgage, or from a HUD staff member. The mortgage can facilitate this counseling to the uncooperative mortgagor and pursue their signature on the HUD Certification form. As participants in the PFS process, all must sign a certification that they have received homeownership counseling before a proposed PFS transaction can be approved. A PFS may follow a Partial Claim if there is a new reason for default and the mortgagor lacks the financial ability to cure the present default.

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Contact Information:
Paramount Promotions LLC (The Countries Leading Short Sale Trainer)

Mary Geronimo
303-B Anastasia Blvd. #148
St. Augustine, FL 32080
904-819-0676
Email Address: mgeronimo@thejeffkaller.com
http://www.FreeShortSaleCourse.com

Paramount Promotions LLC
Mary Geronimo
904-819-0676
mgeronimo@thejeffkaller.com