TX Aggressive Laws
Jan 4, 2009
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HUD announces new FHA pre-foreclosure short sale program modifications in the Mortgagee Letter 2008-43. Evidently, in order to help families in foreclosure, the federal government decided to raise the limits required to sale homes in the FHA pre-foreclosure short sale program. In years past, they would a "net to lender" requirement of 82%, now they have tied the threshold starting at 86% in the first 60 days before dropping it to the lowest acceptable price of 84% of appraisal. After adding in closing costs, this reduces the actual discount on the property to on about 8% below market value. In this economy and market place, things just got a little tougher for FHA borrowers who need help the most. Recent video of client sucess stories
If you have spent much time in Dallas, TX area, you are probably aware that you live in a state with a very low tolerance for anyone who is unwilling or unable to play by the rules. Demand for accountability is apparent in all areas of our civil and criminal code. On one extreme, Texas is world famous for executing its worst criminals faster than any other state in the country. On the other, the catchy anti-littering campaign slogan "Don't Mess with Texas" is a jingle we are all familiar with. Our mortgage foreclosure law are just as strict as the others. As a matter of fact,
Texas has some of the most aggressive foreclosure laws in United States.
Compared to other states, the foreclosure process in Texas moves very quickly. As an example, in Pennsylvania, the foreclosure process takes approximately 10 months, not including the pre-foreclosure phase. In Texas, the foreclosure process only takes 21 days! Unfortunately, most people do not seek professional assistance until they have already received the 21 day foreclosure auction notice from their mortgage company. Unless they have an FHA loan that is backed by HUD, their options are dramatically limited at this late stage of the process | |
ShortSale Testimonial
Total Owed: $92,000
Accepted: $69,000
Time to Negotiate: 42 Days
Recent Houston Preforeclosures
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