| HUD Pre-Foreclosure Sale |
| Thursday, 20 July 2006 | |
|
HUD has re-issued the forms to be utilized in conjunction with its Pre-Foreclosure Sale program extending their expiration date. HUD implemented the Preforeclosure Sale (PFS) procedure to address scenarios where homeowners who have defaulted on their mortgages attempt to sell their properties to avoid foreclosure and protect their credit standing. With some restrictions, homeowners are permitted to engage in a PFS attempt to sell their homes for a fair market sale price, and this price can be less than the amount they owe to the lender. In these situations, HUD then reimburses the lender for the difference between the sale proceeds and the outstanding mortgage indebtedness. Please click on the following links to access the updated forms. Information Sheet Pre-foreclosure Sale Procedure Application to Participate Pre-foreclosure Sale Procedure Request for Variance Pre-foreclosure Sale Procedure |
