The attached mortgagee letter provides guidance to lenders and underwriters regarding borrower eligibility when
• A previously owned property was sold for less than what was owed (short sale), or
• There is principal write down of indebtedness that cannot be refinanced into a new mortgage (short pay off).
If you are considering a short sale on your current property you need to read this FHA notice prior to going anything!
http://www.ngrealtygroup.com/agent_files/FHA Short Sales.pdf
If you have any questions about your specific situation, please feel free to call us anytime.
Nick Gioia | www.ngrealtygroup.com