FHA Short Sale Mortgagee Letter 2008-43
Forget everything you knew about FHA short sales. There’s a new Mortgagee Letter describing the FHA pre-foreclosure sale (a/k/a short sale) guidelines which states:
“This ML supersedes in its entirety ML 1994-45, “HUD’s Nationwide Pre-Foreclosure Sale (PFS) Procedure”. It also supersedes the section (pages 29-35) of ML 2000-05, “Loss Mitigation Program-Comprehensive Clarification of Policy and Notice of Procedural Changes” that describes Pre-Foreclosure Sale requirements.”
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