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Old 01-29-2009, 01:09 PM   #4 (permalink)
Moe Bedard
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Re: Stating the process, with GMAC

You would need to fill out the HUD forms as a part of the process of approving the short sale.............they are a requirement on an FHA loan, they want to make sure that you have taken all the necessary steps and looked into all options to keep your home before they may approve a short sale.

http://www.hud.gov/offices/adm/hudcl...iles/90036.pdf

http://www.hud.gov/offices/adm/hudcl...iles/90038.pdf



I am not sure what you are asking here.......if they know that you are able to afford your house...............there is not reason to approve a short sale...............FHA loans are insured against default............so what they will do in the process is look at the loan amount owed and the current value of the property.........and see which route, short sale or foreclosure, will net them the most.
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