Attorneys At Law

Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Attorneys At Law - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Bank of America Equator 9/26/13 Short Sale Agent Post

Effective 10/1/13 HUD has announced the following changes to the FHA Short Sale Requirements:

  • There is a new dual agency/brokerage requirement: to meet the new short sale purchase contract addendum requirements, brokers and their agents may represent either the buyer or the seller, but not both parties
  • There are new or different documentation requirements now for verifying assets, income, and expenses
  • There is a Deficit Income Test (DIT) that will be used to determine a homeowner’s financial hardship
  • There is the possible elimination of the financial hardship/deficit income preforeclosure sale requirement for:
    • service members who have received Permanent Change of Station (PCS) Orders, or
    • homeowners who are deemed eligible for a streamlined preforeclosure sale option
  • There are new validation requirements for appraisals

*This information is not intended to be legal advice.  This information is subject to change, please contact us for more information.

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